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Written by 8:41 pm Blog, Broker Investigations, FINRA SEC Sanctions

Gino Rahman, Merrill Lynch, Barred by FINRA 

Gino Rahman, Merrill Lynch, Barred by FINRA featured by top securities fraud attorneys, The White Law Group

FINRA Bars Gino Rahman, Merrill Lynch Broker, after Allegations 

According to public records, the Financial Industry Regulatory Authority has barred former advisor Imdadur Rahman (CRD No. 2476187) also known as Gino Rahman from working in the securities industry on June 10, 2024. 

Rahman has been a registered General Securities Representative with FINRA since July 1994, and he has been affiliated with Merrill Lynch from November 2005 until his alleged termination on October 19, 2023. Merrill Lynch reportedly terminated Rahman for various policy breaches, including undisclosed outside business activities and improper management of a client’s account. Shortly after his termination, Rahman became registered with another member firm on October 30, 2023. 

Alleged Violations 

FINRA’s allegations stem from Rahman’s dealings with an elderly client, referred to as Customer A, who owned two brokerage accounts at Merrill Lynch for which Rahman was the broker of record. The alleged violations include improper beneficiary designations and unauthorized business activities. 

In December 2021, Rahman purportedly facilitated the designation of his wife as the beneficiary of Customer A’s accounts, falsely identifying her as Customer A’s niece to circumvent Merrill Lynch’s rules that prohibit such relationships. This misrepresentation occurred on three occasions from December 2021 to August 2022, violating FINRA Rules 3241 and 2010. 

From December 2021 through July 2023, Rahman reportedly engaged in outside business activities by providing services to Customer A and receiving at least $116,000 in compensation without notifying or obtaining approval from Merrill Lynch, which is a violation of FINRA Rules 3270 and 2010. Additionally, between August 2022 and July 2023, Rahman accepted at least $47,000 in gifts from Customer A, contrary to the firm’s policies, further violating FINRA Rule 2010. 

FINRA BrokerCheck – Gino Rahman 

According to this FINRA BrokerCheck report, Gino Rahman was affiliated with the following firms during his career, among others: 

10/30/2023 – 11/03/2023, L.M. KOHN & COMPANY (CRD#:27913), CINCINNATI, OH,
B, 10/29/1999 – 12/02/2005, UBS FINANCIAL SERVICES INC. (CRD#:8174), WEEHAWKEN, NJ 

The FINRA BrokerCheck tool is a free online tool that allows investors to research and verify the background and credentials of financial brokers, brokerage firms, and investment advisors registered with FINRA. Investors can use the tool to verify if a broker or brokerage firm is registered with FINRA, review their employment history, licensing status, and any regulatory actions or complaints filed against them. 

Filing a Complaint against your Brokerage Firm     

When brokers abuse client accounts and conduct transactions that violate securities laws, the brokerage firm they are working with may be liable for investment losses through FINRA Arbitration. 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. 

 Class Action vs. Individual FINRA Arbitration Lawsuit  

You may wonder whether a large class action lawsuit is a better litigation option than an individual FINRA arbitration case.  The answer depends on many factors, but typically if the loss sustained is large (say larger than $100,000), an individual arbitration claim is likely a better option.  Class actions as a recovery option are more appropriate for grouping large numbers of individuals who have small claims – too small to generally pursue individually. 

Free Consultation with a Securities Attorney 

If you have suffered investment losses with Gino Rahman and Merrill Lynch, the securities attorneys at the White Law Group may be able to help you. For a free consultation with a securities attorney, please call (888) 637-5510. 
The White Law Group, LLC is a national securities fraud, securities arbitration, investor protection, and securities regulation/compliance law firm dedicated to helping investors in claims in all 50 states against their financial professional or brokerage firm. Since the firm launched in 2010, it has handled over 700 FINRA arbitration cases.    

Our firm represents investors in all types of securities related claims, including claims involving stock fraud, broker misrepresentation, churning, unsuitable investments, selling away, and unauthorized trading, among many others.            






Tags: , , Last modified: June 12, 2024