Broker Shahida Hossain Terminated From RBC, Involved In Wells Fargo Investor Disputes
Soreide Law Group provides you with this Investor Alert in regard to securities broker Shahida Arunima Hossain (CRD#: 2783839, Chicago, Illinois), who also goes by the name Shahida Syeda. Just in May 2020, RBC Capital Markets disaffiliated with the broker. In addition, two investors disputed her sales practices. Here’s more on the allegations against her.
RBC Capital Markets Disaffiliates With Shahida Hossain For Not Complying With Management Directive
Notably, in May 2020, RBC Capital Markets disaffiliated with Shahida Hossain. The firm alleged that Hossain did not follow a “management directive” which basically entailed getting permission from the firm before making options orders. It is possible that the broker made unauthorized orders.
Hossain Voluntarily Resigns From Wells Fargo
Shahida Hossain worked for Wells Fargo from 2003 to 2016. Evidently, Wells Fargo terminated the securities broker’s registration during an investigation. Specifically, Wells Fargo reviewed a complaint about Hossain taking a loan from a client. Also, the firm reviewed if Hossain privately spoke with clients against company policy. It seems that the broker left before the investigation concluded.
Wells Fargo Client Alleges Shahida Hossain Made Unauthorized Transactions
Evidently, in February 2017, a client of Wells Fargo Advisors challenged Shahida Hossain’s actions in their account. It seems that Hossain did not receive authorization from the client to use margin for certain investment transactions. Also, the client complained about the speculative nature of the investments. Purportedly, the broker caused the client to take significant risk while the client maintained conservative investment objectives. This matter settled through Wells Fargo making a $25,000 payment to the client.
Shahida Hossain Purportedly Fails To Follow Client’s Instructions
Apparently, a second Wells Fargo Advisors client took aim at Shahida Hossain in February 2017. Allegedly, Hossain did not liquidate the client’s variable annuity. For this reason, the client demanded $15,000 in compensation. However, the securities firm denied this client’s allegations and the complaint closed without resolution.
Losses From Hossain?
Apparently, Shahida Hossain denies allegations of sales practice violations. Have you experienced losses by investing with her? 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 financial advisors.