Sam Aziz Targeted In Complaints About Excessive Trading

Securities Broker Sam Aziz Allegedly Made Excessive, Unsuitable Trades In Wells Fargo Investor Accounts

Investor Alert! FINRA BrokerCheck shows that investors brought lawsuits alleging sales practice violations by barred broker Sam Aziz (Sam Yehya, Sam Azizieh) (CRD#: 1721932, Dublin, Ohio). Evidently, Aziz worked for Wells Fargo (2012 to 2015), Coastal Equities (2015 to 2018) and David A. Noyes & Company (2018) before FINRA barred him for refusing to testify in an investigation. Here’s what these disputes indicate about the broker.

Wells Fargo Client Alleges Excessive, Unsuitable Trading By Sam Aziz

First off, a Wells Fargo Advisors client filed a September 2020 complaint over Sam Aziz’s sales practices. Namely, the broker allegedly made excessive and unsuitable trades. It seems that the broker did not have a reasonable basis to trade at such a high volume, and his trading appears to have caused the client to experience losses. On top of that, the client alleges that Aziz tried to settle the complaint away from Wells Fargo. This matter is ongoing.

Aziz Supposedly Churns Client’s Account At Wells Fargo

Evidently, a second client of Wells Fargo complained about Sam Aziz in December 2019. The client suggested that Aziz concentrated an account in risky investments. It is possible that those investments were not suitable. Not only that, but the securities broker purportedly churned the client’s account. Because of this, Wells Fargo opted to settle this matter through making a $495,000 payment to the client in March 2020.

Wells Fargo Client Alleges Unauthorized Trading In Dispute About Sam Aziz

Apparently, a third Wells Fargo client came forward in June 2019 to contest Sam Aziz’s trading practices. As with the other complaints about the broker, this client alleged unsuitable and excessive trading of equities. However, this client also contended that Aziz made unauthorized trades. Because of this, the client received $275,000 from Wells Fargo to settle this matter.

Ohio Division Of Securities Revokes Aziz’s License

In January 2020, Ohio Division of Securities revoked Sam Aziz’s license to be a securities broker in all of Ohio. The regulator’s Final Order comes after making allegations against the broker of churning client accounts, breaching a fiduciary duty, and making trades that were not consistent with one or more clients’ investment objectives. These allegations relate to Aziz’s trading of stocks while registered with Coastal Equities.

FINRA Bars Sam Aziz For Non-Cooperation

Earlier in 2019, FINRA indefinitely barred Sam Aziz from working as a securities broker for any FINRA-member firm. Allegedly, the broker violated FINRA rules by not testifying when he was under investigation. Specifically, FINRA wanted Aziz to respond to allegations of his excessive trading and his investment recommendations involving margin. Not only that, but Aziz potentially settled complaints away and violated rules on communicating with investors. This was also a focus of FINRA’s investigation. The broker refused to cooperate.

Losses From Aziz?

FINRA BrokerCheck indicates that Sam Aziz denies all allegations of misconduct. Have you experienced losses by investing with him? 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 firms and brokers like Aziz.