Unauthorized Woodbridge Investment Referrals Made In Connection With Lincoln Financial Broker Imran Razvi’s Outside Business
Financial Industry Regulatory Authority (“FINRA”) reports troubling information in regard to Imran Razvi (CRD#: 3042006, Frederick, Maryland). Notably, the BrokerCheck Report on Razvi shows that FINRA issued Razvi a fine and a suspension for violating FINRA rules. The watchdog temporarily took away Razvi’s ability to work as a broker for a FINRA member firm in the United States. In addition, two or more clients brought disputes to challenge Razvi’s sales practices. It seems that the Lincoln Financial Securities Corporation broker caused clients’ losses. Here’s more on these disclosures.
FINRA Issues Suspension, Fine To Imran Razvi For Woodbridge Investment Referrals
Notably, in March 2020, FINRA resolved allegations of Imran Razvi’s unpermitted outside business activities by sanctioning him. Particularly, Razvi referred clients to investments in Woodbridge Group of Companies, LLC – a company who filed bankruptcy in 2017 and who has been targeted in major lawsuits alleging a Ponzi scheme. Supposedly, Razvi participated in referral activities when he worked for Lincoln Financial.
Apparently, Lincoln Financial specifically told Imran Razvi that he was not to refer clients to Woodbridge through his private company. It appears that Razvi simply ignored his employer’s position on the matter, as his own company began referring clients to the failed enterprise. Supposedly, Razvi’s company took in commissions too. Supposedly, all of this was not authorized as outside business activities. Evidently, Razvi is suspended in all capacities from March 16, 2020 to September 15, 2020.
Lincoln Financial Client Files Lawsuit Over Razvi’s Recommendations
Evidently, a client of Lincoln Financial filed a lawsuit in October 2018 which involved allegations directed at Imran Razvi’s sales practices. Namely, the lawsuit indicates that Razvi recommended or advised the client to invest in an unsuitable investment. It seems that Razvi told the client to invest in a “non-registered mortgage investment fund.” Supposedly, this means Woodbridge products. Not only that, but the client indicated that Razvi did not disclose risks to the client’s principal. It is possible that the client would not have invested if Razvi was forthcoming about those risks. Evidently, in July 2019, Lincoln Financial opted to settle the dispute through making a $32,514.05 payment to the client.
Imran Razvi Supposedly Advises Client To Purchase Woodbridge Investments
Notably, a second client of Lincoln Financial brought suit over Imran Razvi’s investment recommendations. In the April 2018 complaint, the client indicated that Razvi unreasonably recommended an investment that was unprofitable. Potentially, Razvi overlooked the client’s investment needs, goals, objectives or risk tolerance. Speaking of risk tolerance, the client also alleged that Razvi concealed or omitted information about the downsides of investing. It seems that the non-registered mortgage investment fund to which the client refers is Woodbridge. For this reason, in July 2019, the client received a payment of $67,485.95 per the terms of a settlement.
Losses From Broker Imran Razvi?
Have you experienced losses by investing with Imran Razvi? If so, reach out to Soreide Law Group at (888) 760-6552 and speak with experienced counsel concerning a possible recovery of your investment losses. Soreide Law Group represents clients on a contingency fee basis and advances all costs. The law firm has recovered millions of dollars for clients who have incurred losses due to misconduct of securities brokers and financial advisors like Razvi.