Securities Broker Mike Azad Involved In Investor Lawsuits

Investor Alert! FINRA BrokerCheck shows troubling information regarding the sales practices of securities broker Masood “Mike” Husain Azad (CRD#: 4798445, League City, Texas). Particularly, four investors brought disputes about the broker’s sales practices. All four of those disputes came this year. In addition, FINRA expelled Azad in November 2017 for selling away. Here’s what we know so far.

First Allied Securities Client Indicates Mike Azad Breached Fiduciary Duty With Private Transactions

Evidently, a client of First Allied Securities brought a dispute about Mike Azad in August 2020. Notably, the client alleged that Azad improperly recommended for a client to buy a private investment – one which First Allied did not authorize. In this context, the client alleged that the investment was not suitable. Also, Azad purportedly acted in breach of contract and in breach of fiduciary duty. Moreover, the client alleged to have been deceived with this outside securities transaction. For this reason, the client asked for compensation in this pending matter.

Azad Supposedly Sells Unsuitable Private Investment To First Allied Client

Apparently, a second First Allied client disputed Mike Azad’s sales practices in a February 2020 FINRA Arbitration Claim. First of all, the client indicated that the investment the broker sold was not approved by First Allied. Secondly, the broker purportedly sold investments in violation of contract and in violation of his fiduciary responsibility to the client. Thirdly, the client alleged negligence in connection with the unapproved outside investment. For this reason, the client demanded $950,000 from Azad in this ongoing matter.

First Allied Client Alleges Breach Of Contract In Lawsuit About Mike Azad

Evidently, a third First Allied client came forward in February 2020 to contest Mike Azad’s outside investment sales. It appears that Azad breached his fiduciary duty to this client. Not only that, but the broker supposedly breached an agreement to. This Arbitration Claim also contains allegations of negligence and suitability. Because of this, the client suggested that First Allied pay $400,000 to resolve the dispute.
An additional February 2020 dispute containing similar allegations awaits a resolution. The investor in that dispute demanded $1,100,000 in compensation.

FINRA Bars Azad For Private Securities Transactions

Effective November 2017, FINRA barred Mike Azad as securities broker because he apparently violated FINRA rules during an investigation. Specifically, Azad did not turn over documents and information that FINRA asked for when investigating if he was selling away and soliciting investments in an electronic data security company. Notably, First Allied disclosed that Azad violated policy by selling away and borrowing from clients.

Did Mike Azad Sell You Inappropriate Investments?

Did you purchase improper investments because of Mike Azad? If so, get in touch with Soreide Law Group at (888) 760-6552 where you can speak with a knowledgeable lawyer about a possible recovery. Keep in mind that Soreide Law Group represents clients on a contingency fee basis and advances all costs. We have recovered millions of dollars for investors who have experienced losses from the bad actions of financial advisors and securities brokers. Evidently, Azad denies allegations of sales practice violations that have been asserted by clients or securities regulators.