New York Broker Fined and Suspended by FINRA for Charging Excessive Fees to Clients

The following information is from FINRA’s website under “Disciplinary and Other FINRA Actions, February, 2013.”

Enver Rahman Alijaj (CRD #4943780, Registered Representative, New York, New York)

was fined $7,500 and suspended from association with any FINRA member in any capacity for two months.

Without admitting or denying FINRA's findings, Alijaj consented to the described sanctions and to the entry of findings that he charged excessive commissions in connection with equity security trades in a member firm customer’s account. All of the trades involved purchases of widely traded common stocks, with commission charges ranging from 4.3 percent to 4.9 percent per trade. Alijaj’s general practice was to charge his customers a commission between 4.5 percent and 4.9 percent on all stock purchases, regardless of the stock involved or the amount of the trade. Usually, Alijaj did not charge any commission on sales.

FINRA's findings stated that Alijaj failed to consider the factors set forth in NASD IM-2440 in determining the commissions he charged the customer. Neither market conditions, the rendering of special services, the expense of executing the trades, nor any other factor justified the commissions Alijaj charged the customer.

The suspension is in effect from January 22, 2013, through March 21, 2013. FINRA Case #2011026958201

According to FINRA's BrokerCheck, these are the other names he was known by: ENVER R ALIJAJ, JOSEPH ALIJAJ, and JOE ALLEN. He was registered with: LEGEND SECURITIES, INC., 45 BROADWAY, 32ND FLOOR
NEW YORK, NY since: 12/15/2010.

This ends the information from FINRA’s website.

Lars K. Soreide, of Soreide Law Group, PLLC, represents clients nationwide. Call for a free consultation with an attorney at, 888-760-6552, or visit our website: https://www.securitieslawyer.com.