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.
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