Investors File Disputes About Jay Sheth

The Financial Industry Regulatory Authority (FINRA) reports important information about securities broker Jay Sheth [CRD: 4656009, Memphis, Tennessee]. Evidently, investors disputed the sales practices of the securities broker, who worked for National Securities Corporation. Additionally, the securities broker disclosed a regulatory enforcement action. Read on to learn more about the allegations against Sheth.

National Securities Corporation Investor Accused Jay Sheth Of Unsuitable Recommendations

Specifically, on August 22, 2022, a National Securities Corporation client filed FINRA Arbitration: 22-01902 about Jay Sheth. Namely, the client alleged that Sheth made unsuitable recommendations. Because of this, the client allegedly sustained damages on private placements. Therefore, the client requested $200,000 in compensation from National Securities Corporation or Sheth. Evidently, this arbitration is pending a resolution.

National Securities Corporation Investor Accused Sheth Of Unsuitable Recommendations

Particularly, on September 23, 2021, a National Securities Corporation client filed FINRA Arbitration: 21-01985 about Jay Sheth. Namely, the client alleged that Sheth made unsuitable recommendations. Because of this, the client allegedly sustained damages on PIPES. Therefore, the client requested $250,000 in compensation from National Securities Corporation or Sheth. Evidently, this arbitration is pending a resolution.

FINRA Sanctions National Securities Corporation Securities Broker

Specifically, on April 7, 2022, FINRA issued Case: 2020065274801, which contains sanctions against Jay Sheth for infractions. Notably, Sheth was fined and suspended. Mainly, FINRA alleged that Sheth shared in a client’s losses.

Namely, FINRA says that between April 2019 and November 2019, during the time that he was associated with National Securities, Sheth made 21 payments to 11 clients of National Securities Corporation. Supposedly, he did this to compensate them for losses caused by Sheth’s investment recommendations. Specifically, Sheth recommended that his clients invest in two private placement offerings that underperformed. Supposedly, the securities broker made compensatory payments to clients totaling $71,581. FINRA says that the payments constituted Sheth sharing in client losses which violated FINRA Rules 2010 and 2150(c).

Jay Sheth Disclosed Allegations Of Regulatory Enforcement Action

Particularly, on August 11, 2022, Maryland issued Case: BD20220170, which contains sanctions against Jay Sheth for infractions. Specifically, Sheth’s registration was withdrawn. This happened because Sheth was the subject of a prior regulatory enforcement action resulting in sanctions.

Sheth Employment Information

• Sheth worked for National Asset Management Inc. in New York, New York as a financial advisor from May of 2008 to July of 2022.
• Sheth worked for National Securities Corporation in New York, NY, as a securities broker from January of 2004 to July of 2022.
• Sheth has worked for Arete Wealth Advisors LLC in New York, NY, as a financial advisor since September 16, 2022.
• Sheth has worked for Arete Wealth Management LLC in New York, NY, as a securities broker since August 11, 2022.

Damages Resulting From National Securities Corporation Securities Broker Jay Sheth?

Have you experienced damages by investing with Jay Sheth? If so, get in touch with Soreide Law Group at (888) 760-6552 and talk with a securities attorney concerning the potential recovery of your investment losses or other damages. Soreide Law Group, who has effectively recovered money for many investors throughout the United States, represents clients on a contingency fee basis and advances all costs. Sheth and brokerage firms Sheth worked for deny all allegations of sales practice violations.