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: https://www.securitieslawyer.com.
Soreide Law Group, PLLC., representing investors nationwide before FINRA the Financial Industry Regulatory Authority.
Soreide Law Group has filed a FINRA arbitration on behalf of our clients (Claimants) against: CONCORDE INVESTMENTS SERVICES, LLC, and BERTHEL, FISHER & COMPANY FINANCIAL SERVICES, INC (Respondents). The Claimants are in their late 70s, retired, and according to the lawsuit, were not looking to take any unnecessary risks with their retirement savings. The Claimants […]
THEODORE WILLIAM BYRER (THEODORE W BYRER, TED BYRER) was registered as a broker with MORGAN STANLEY of Indianapolis, Indiana, from 11/11/2013 - 04/20/2023. He was most recently registered with INTERNATIONAL ASSETS ADVISORY, INC of Westfield, Indiana, from 05/09/2023 - 09/17/2024. According to his BrokerCheck CRD report, dated 7/23/2026, THEODORE W BYRER was suspended for 14 […]
MARK LAWRENCE SULLIVAN (MARK SULLIVAN, MARK L SULLIVAN), formerly with UBS Wealth Management USA in New York City, was fined $10,000 and suspended for three months by the Financial Industry Regulatory Authority (FINRA) over allegations that he traded in customers’ accounts without the proper approval. Sullivan was previously registered both as a broker and as an […]
Phone:
Fax: 1-954-760-6553
Email: info@securitieslawyer.com