SEC News
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- SEC Names Lona Nallengara as Chief of Staff May 15, 2013FOR IMMEDIATE RELEASE2013-88 Washington, D.C., May 15, 2013 — The Securities and Exchange Commission today announced that Lona Nallengara has been named the agency’s chief of staff. Mr. Nallengara came to the SEC in March 2011 and served as deputy director for legal and regulatory policy in the Division of Corporation Finance until he was appointed in Decemb […]
- SEC Charges China-Based Executives in Scheme to Overstate Revenues and Divert Money for Personal Use May 15, 2013FOR IMMEDIATE RELEASE2013-87 Washington, D.C., May 15, 2013 — The Securities and Exchange Commission today charged husband-and-wife executives at a China-based company with engaging in a scheme to overstate the company’s revenues and divert proceeds from a securities offering for their personal use. Additional Materials SEC Complaint The SEC alleges that RIN […]
- SEC, FINRA Issue Investor Alert On Pension or Settlement Income Streams May 9, 2013FOR IMMEDIATE RELEASE2013-86 Washington, D.C., May 9, 2013 — The Securities and Exchange Commission and the Financial Industry Regulatory Authority (FINRA) today issued an investor alert entitled Pension or Settlement Income Streams – What You Need to Know Before Buying or Selling Them. The investor alert informs investors about the risks involved when selli […]
TAG | Michael Owen Brown
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FINRA Awards Nearly $1million; ‘Targeting’ Alleged
Comments off · Posted by Securities Lawyer in FINRA
Patel v. Balchandani, FINRA ID # 11-00973 (Louisville, KY, 5/4/2012) -
A FINRA Arbitration Panel awarded approximately $1 million, including $200,000 in punitive damages, to a pair of customers who alleged a churning scheme targeting Indian-Americans.
The following is part of the “Case Summary” that was presented on FINRA’s website:
“Claimants asserted the following causes of action: breach of fiduciary duty, churning; misrepresentations, omission of material facts, suitability; fraud; negligence; and control person liability. The causes of action related to Claimants’ allegation of being targeted as part of an ethnic (“Indian”) affinity fraud. Claimants alleged that Respondents have targeted Claimants and other Indians living in the United Stated in a scheme of using excessive margin calls and trading to generate huge commissions, mark-ups, interest and fees for Respondents and to the detriment of their unsuspecting clients. “
The Claimants are: Chhaganbhai Patel and Jashuben C. Patel
These allegations were made against (Respondants):
Shondeep Sajan Balchandani, Naveen K Bhagwani, Niyukt Raghu Bhasin, Michael Owen Brown, Irving Marvin Burstein, Rabinder Deshmukh, NSM Securities, Inc., and Sterne, Agee & Leach, Inc.
Securities Lawyer, Lars K. Soreide, of Soreide Law Group, PLLC, has represented clients nationwide. If you or a family member have sustained investment losses due to your stock broker or financial advisor’s recommendations, call for a free consultation on how to potentially recover your losses. To speak with an attorney call 888-760-6552, or visit our website at: http://www.securitieslawyer.com.
Soreide Law Group, PLLC., representing investors nationwide before FINRA the Financial Industry Regulatory Authority.
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