Imdadur Rahman Barred Following FINRA Investigation Into Client Activities

Financial Industry Regulatory Authority (FINRA) sanctioned securities broker Imdadur Rahman (also known as Gino Rahman) [CRD: 2476187, Troy, Michigan], according to disclosures on BrokerCheck. Evidently, Imdadur Rahman worked for L.M. Kohn Company from October 30, 2023, to June 10, 2024, and for Merrill Lynch Pierce Fenner Smith Inc. from November 11, 2005, to October 19, 2023. Below, you’ll find a summary of the securities broker’s disclosures.

FINRA Imposes Bar Against Rahman

Particularly, on June 10, 2024, FINRA issued Case: 2023080253301 sanctioning Imdadur Rahman. Specifically, Rahman was barred from associating with any FINRA member in all capacities for violating FINRA rules.

FINRA’s investigation into Rahman arose from Merrill Lynch's filing of a Uniform Termination Notice for Securities Industry Registration (Form U5) on October 19, 2023, which stated that Rahman was discharged for engaging in undisclosed outside business activities with a client, improperly accessing a client account, failing to comply with firm policy concerning beneficiaries on client accounts, and providing inaccurate information on firm records.

FINRA alleged that at Merrill Lynch Pierce Fenner Smith Inc., Rahman facilitated a client’s designation of Rahman’s wife as a beneficiary on two accounts. The client was not Rahman's family member, and Rahman didn’t tell the firm about this designation. Furthermore, Rahman allegedly falsified the client’s beneficiary forms to prevent the firm from discovering the designation as prohibited.

Outside Business Activities Invovling Imdadur Rahman

In addition, Imdadur Rahman allegedly engaged in undisclosed outside business activities by providing services to the client, such as buying furniture, driving the client to appointments, and sending the client's mail to a family member. Rahman steered the client and their relative toward writing checks to Rahman's wife as compensation for these services, totaling at least $116,000. Allegedly, Rahman did not tell his employer about these activities.

Monetary Gifts From Client

Supposedly, Imdadur Rahman also accepted monetary gifts from the client, which went against firm policy. He received payments totaling more than $47,000 from the client to cover his outstanding bills. Rahman failed to disclose these gifts to his firm. In addition, he reportedly falsely stated on compliance questionnaires that he had not received any gifts.

L.M. Kohn Company Discharged Rahman Following FINRA Action

Also, on June 10, 2024, L.M. Kohn Company disaffiliated from Rahman. The allegations mirrored that of FINRA’s disciplinary action against the securities broker.

Did You Sustain Losses Because Of Securities Broker Imdadur Rahman?

Did you suffer financially because of Imdadur Rahman? If so, contact Soreide Law Group online or at (888) 760-6552 and talk to a securities lawyer about a possible recovery. Soreide Law Group helps investors throughout the country, works on a contingency fee basis, and advances all costs. Rahman and brokerage firms Rahman worked for deny accusations of sales practice violations.