FINRA Investigation: Broker Abdul Rahmani, Joseph Stone, Mineola, NY

FINRA Investigates Abdul Rahmani for Allegations of Outside Business Activities

According to public records, financial advisor Abdul Rahmani was named a respondent in a FINRA complaint on April 15, 2021,  alleging that he engaged in outside business activities (OBAs) without providing prior written notice to his member firm, Joseph Stone Capital L.L.C.

The complaint alleges that the entity, which also operated under another name, advertised its business as marketing and selling shares of pre-initial public offering (IPO) companies to investors.

According to FINRA, Rahmani allegedly solicited and met with prospective clients of the entity, which operated from the same office where he conducted his securities business. 

The complaint also alleges that Rahmani provided “false or misleading information” to FINRA in response to a written request for information in connection with its investigation of his undisclosed OBAs.

Although FINRA requested that Rahmani identify all email addresses he used, as well as all bank accounts he controlled, he purportedly failed to disclose an email address that he used with a domain name from the entity’s other name. Rahmani also allegedly failed to disclose the existence of bank accounts that were opened at approximately the same time the entity was formed. 

The complaint further alleges that Rahmani provided false or misleading information to FINRA during on-the-record testimony.

According to FINRA,  Rahmani allegedly falsely testified that he had no involvement with the entity, that he purportedly never used an email address associated with the entity, and that he allegedly had closed multiple bank accounts that he initially failed to disclose to FINRA. 

According to his FINRA broker profile, Rahmani was reportedly affiliated with nine different firms during his eighteen years working in the securities industry. He allegedly has 3 employment separations, 3 judgement/liens and 1 customer complaint on his broker report, in addition to the regulatory actions.

Filing a Complaint against your Brokerage Firm

The White Law Group is investigating FINRA arbitration cases involving financial advisor Abdul Rahmani and the liability his former employers may have for failure to properly supervise him.

When brokers abuse client accounts and conduct transactions that violate securities laws, such as making unsuitable investment recommendations, the brokerage firm they are working with may be liable for investment losses. Brokerage firms that fail to monitor the business activities of their employees may be liable for investment losses due to negligent supervision for the misconduct of their employees.

If you suffered losses investing with Abdul Rahmani and Joseph Stone Capital, the securities attorneys at The White Law Group may be able to help you. Please call 888-637-5510 for a free consultation, or visit us on the web at www.whitesecuritieslaw.com.

The White Law Group, LLC is a national securities fraud, securities arbitration, investor protection, and securities regulation/compliance law firm with offices in Chicago, Illinois.