Financial Industry Regulatory Authority (FINRA) BrokerCheck reveals disclosures about securities broker Kabir Gangahar [CRD: 4280828, Omaha, Nebraska].
Kabir Gangahar worked United Planners' Financial Services of America from September 2012 to December 2017. His most recent employment was with KMS Financial Services, Inc. from January 2018 to November 2019.
Recent disclosures highlight concerns about Gangahar’s conduct, including allegations of regulatory violations and client disputes.
On October 16, 2024, the Nebraska Department of Banking and Finance suspended Kabir Gangahar’s registration, citing violations of Section 202 of the Investment Advisers Act of 1940. Gangahar was accused of engaging in a cherry-picking scheme that allocated profitable trades to himself, disadvantaging advisory clients. The suspension remains in effect pending the resolution of an order to show cause.
On September 30, 2024, the Securities and Exchange Commission (SEC) initiated public administrative and cease-and-desist proceedings against Gangahar and Gemini Capital Partners LLC. The SEC’s investigation determined that from January 2020 to December 2022, Gangahar disproportionately allocated profitable trades to himself, violating Section 206(2) of the Investment Advisers Act of 1940. An Offer of Settlement from Gangahar was accepted by the SEC.
Consequently, he received a suspension from associating with brokers, dealers, or investment advisers for 12 months, effective October 14, 2024. Also, SEC fined him $22,803 and required disgorgement of $130,322.
On May 14, 2024, SEC staff recommended enforcement actions against Gangahar and Gemini Capital Partners LLC for alleged violations of the Securities Act of 1933, the Exchange Act of 1934, and the Investment Advisers Act of 1940.
On June 22, 2010, a client of Wells Fargo Advisors, LLC, alleged unsuitability regarding investment recommendations. Supposedly, the client sustained losses on ETFs and other alternative investments. This matter was settled for $32,000 to resolve the client’s allegations.
Looking for more information about Kabir Gangahar? If so, reach out to Soreide Law Group online or at (888) 760-6552 to speak with a securities attorney. The team at Soreide Law Group works on a contingency basis, advances all costs, and assists investors across the country with recovering losses from sales practice misconduct. Gangahar and the firms he worked for deny accusations of sales practice violations.
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