Farrukh Kazmi In Alternative Investment Disputes

Berthel Fisher Clients Indicate That Broker Farrukh Kazmi Sold Bad Alternative Investments

The investment loss recovery team at Soreide Law Group provides you with this Investor Alert regarding Farrukh Shazad Kazmi (CRD#: 2855915, Moorestown, New Jersey). Evidently, this securities broker joined Berthel Fisher & Company (“Berthel Fisher”) in January 2010. Notably, FINRA BrokerCheck shows that three or more investors disputed Kazmi’s sales practices. In addition, FINRA issued Kazmi a suspension and fine for breaking FINRA rules, and at least two major FINRA-member securities firms – Sterne Agee Financial Services and Morgan Stanley -- disaffiliated with Kazmi for violating company policy. Here’s more on the broker.

Berthel Fisher Client Alleges Misrepresentation In Claim About Farrukh Kazmi’s Alternative Investment Sales

A client of Berthel Fisher took aim at Farrukh Kazmi through a July 2020 lawsuit. First of all, the client allegedly purchased alternative investments that were not suitable for them. Secondly, Kazmi supposedly misrepresented facts about BDCs and real estate securities. Thirdly, the client indicated that Berthel Fisher failed to supervise Kazmi and did not perform reasonable due diligence. For this reason, the client demanded $350,000 in this pending matter.

Kazmi Reportedly Sells Unsuitable Alternative Investments To Berthel Fisher Client

Also, a client of Berthel Fisher took issue with Farrukh Kazmi in a FINRA Arbitration Claim from July 2020. Similar to the first complaint, this client alleges unsuitability, misrepresentation and failed supervision. These allegations concern investments in stocks, REITs and BDCs. It seems that the client bought these investments because of Kazmi and then experienced $165,000 in damages. This matter is ongoing.

FINRA Punishes Farrukh Kazmi For Violating Rules On Trading, Investor Communications

Notably, FINRA suspended Farrukh Kazmi from April 15, 2019 to September 14 ,2019 and fined him $20,000 to settle allegations of multiple infractions identified in a FINRA Decision. The financial industry watchdog indicated that Kazmi used email improperly to correspond privately with investors. Kazmi also supposedly exercised discretion on “hundreds of occasions” when he traded in client accounts. In these instances, the broker purportedly did not get written authorization from clients. Finally, Kazmi allegedly falsely denied making these trades when scrutinized.

Losses From Kazmi?

Farrukh Kazmi denies allegations of sales practice violations. Have you experienced losses by investing with Kazmi or another Berthel Fisher broker? If so, reach out to Soreide Law Group at (888) 760-6552 and speak with us concerning a possible recovery of your investment losses. Soreide Law Group represents clients on a contingency fee basis and advances all costs. We have recovered millions of dollars for clients who have incurred losses due to misconduct of securities firms and financial advisors.