FINRA Bars Rosaline Alam after Allegations of Misappropriation of Funds
According to public records, the Financial Industry Regulatory Authority has barred former advisor Rosaline Alam (CRD No. 5742202) also known as Rosaline Alrachid from working in the securities industry on June 11, 2024.
Alleged Violations
Alam initially registered with FINRA in 2010, according to the regulator. From August 2016 to October 2023, she was reportedly associated with Pruco Securities, LLC (CRD No. 5685) as a General Securities Representative. Her registration was terminated in October 2023 when Pruco Securities filed a Uniform Termination Notice for Securities Industry Registration (Form U5). Afterward, from October 2023 until April 2024, Alam continued to be registered with FINRA through another member firm, Lincoln Investment.
On November 13, 2023, Pruco Securities updated the Form U5, stating allegations that Alam had misappropriated funds from an elderly client and had been named a beneficiary in the client’s will, contrary to the company’s policies. Currently, Alam is not registered or affiliated with any FINRA member firm.
FINRA BrokerCheck – Rosaline Alam
According to her FINRA BrokerCheck report, Rosaline Alam was affiliated with the following firms during her career, among others:
0/09/2023 – 04/10/2024, LINCOLN INVESTMENT (CRD#:519), Claremont, CA,
B, 08/18/2016 – 10/11/2023, PRUCO SECURITIES, LLC. (CRD#:5685), Claremont, CA
B, 10/04/2011 – 08/17/2016, NYLIFE SECURITIES LLC (CRD#:5167), San Dimas, CA
B, 04/15/2010 – 02/28/2011, WADDELL & REED, INC. (CRD#:866), BREA, CA
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 Rosaline Alam and Pruco Securities, 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.
With over 30 years of securities law experience, The White Law Group has the expertise to help investors to recover their securities fraud losse
Tags: broker investigation, Merrill Lynch, Rosaline Alam Last modified: June 13, 2024
