Transamerica Rep Gautam Arora Reportedly Arrested for Fraud
According to Investment News on Friday, former financial advisor and insurance rep Gautam Arora (CRD#: 5443201), was reportedly arrested on December 8, 2022, in California after an investigation by the state’s Department of Insurance found he allegedly sold $100,000 of fraudulent investments to four victims.
Arora was reportedly charged with 11 felony counts of securities violations and money laundering, according to a California Department of Insurance statement.
The advisor reportedly recruited individuals to work for him in a multi-level marketing agency, according to the statement. “He obtained victims’ private financial information through an alleged ‘financial review,’ then solicited victims to invest in his fictitious investments.”
Further Arora “made numerous material misrepresentations of fact” and allegedly failed to disclose to clients his “poor personal financial status.” The Department of Insurance, which alleged that Arora had overdrawn bank accounts and high credit card debt, stated that the victims were led to believe that their investments were “legitimate.”
According to his FINRA BrokerCheck report, Arora was reportedly registered with Transamerica Financial Advisors in Orange, CA from 2013 until 2019, when he was allegedly fired for “selling away” from the firm. His employer noted that “Additionally, the representative entered into lending arrangements and promissory notes with these individuals without receiving prior approval from the firm.”
The Financial Industry Regulatory Authority Inc. (FINRA) reportedly barred Arora in 2020 after he reportedly failed to cooperate with FINRA’s investigation.
Arora, whose bail was set at $100,500, was booked into the Orange County Jail.
Recovery of Investment Losses through FINRA Arbitration
The White Law Group is investigating potential securities claims involving Gautam Arora and the liability his employers may have for failure to supervise him.
If a brokerage firm makes unsuitable investment recommendations or fails to adequately disclose the risks associated with an investment, they may be liable for investment losses through FINRA arbitration.
FINRA operates the largest securities dispute resolution forum in the United States, and has extensive experience in providing a fair, efficient and effective venue to handle a securities-related dispute.
The White Law Group is a national securities fraud, securities arbitration, and investor protection law firm with offices in Chicago, Illinois and Seattle, Washington. We represent investors in all 50 states including California. Our attorneys have recovered millions of dollars from many brokerage firms in the past.
If you are concerned about your investments with Gautam Arora, please call the securities fraud attorneys at The White Law Group at 888-637-5510 for a free consultation.
For more information on The White Law Group, and its representation of investors, please visit www.WhiteSecuritiesLaw.com.
Tags: Gautam Arora arrested, Gautam Arora barred, Gautam Arora complaints, Gautam Arora FINRA, Gautam Arora fraud, Gautam Arora investigation, Gautam Arora investment losses, Gautam Arora lawsuit, Gautam Arora Transamerica, Orange CA Last modified: December 16, 2022