NVESTOR ALERT: FINRA Bars Coastal Equities’ SAM AZIZ Because Of Excessive Trading Investigation
The Financial Industry Regulatory Authority (“FINRA”) barred David A. Noyes broker Sam Aziz (CRD#: 1721932, Dublin, Ohio) from the securities industry. Evidently, Aziz executed a Letter of Acceptance, Waiver and Consent (“AWC”) #2017052325701 on March 18, 2019, which FINRA accepted March 27, 2019. In so doing, FINRA essentially revoked Aziz’s privilege to be a broker, finding Aziz failed to testify about his sales practices when under a FINRA investigation. Here is a summary of the allegations against Aziz.
FINRA Investigates Sam Aziz’s Excessive And Unsuitable Trades, But Aziz Refuses To Cooperate
Supposedly, FINRA’s investigation centered on allegations of Aziz’s sales practice violations at Coastal Equities, a Dublin, Ohio brokerage firm Aziz worked for from 2015 to 2018, and David A. Noyes & Company, a firm also in Dublin which Aziz worked for in 2018. Allegedly, Aziz made excessive and unsuitable trades. As a result, Aziz tried to settle the customer’s complaint without any mention of it to Coastal Equities or David A. Noyes.
Evidently, FINRA wanted Aziz to testify about those allegations. It used its authority under Rule 8210 to request it on March 5, 2019. After receiving the request, Aziz’s counsel e-mailed FINRA about Aziz’s refusal to testify. Also, Aziz’s submission of the Letter of Acceptance, Waiver and Consent confirmed his refusal. Because of this, FINRA stated that Aziz failed to comply with FINRA Rules 8210 and 2010.
Ohio Division Of Securities Alleges Sam Aziz Engaged In Fraud
Evidently, on January 25, 2019, Ohio Division of Securities brought a formal proceeding against Aziz. The Division claimed he violated investment-related rules or regulations. Particularly, the Ohio Division of Securities alleged that from 2015 to 2018, Aziz churned the customer investment’s, made unsuitable trades, violated his fiduciary responsibility, misrepresented investments, made unauthorized trades, and schemed to defraud investors, according to Ohio Division of Securities Division Order #19-006. Apparently, Aziz made $2,400,000 in commissions.
Customer Sues Coastal Equities Because Of Sam Aziz’s Excessive Trading
So far, at least one customer of Coastal Equities, Inc. brought FINRA Arbitration #17-02287 about Aziz’s sales practices from 2015 to 2018. Specifically, the customer claimed that Aziz bought various securities without the customer’s permission. Not only that, but the customer claimed that Aziz made excessive, unreasonable trades. As a result, Coastal Equities, Inc. opted to settle the customer’s claim by paying the customer $210,000.
Experienced losses by investing with Coastal Equities broker Sam Aziz? If so, contact Soreide Law Group at (888) 760-6552 and speak with experienced counsel about a possible recovery of your investment losses. Soreide Law Group represents clients on a contingency fee basis and advances all costs. The firm has recovered millions of dollars for investors who have suffered losses due to misconduct of brokers and brokerage firms.