Fort Lauderdale-based Soreide Law Group, (888) 760-6552, obtained the following summation of information from FINRA’s website, under “Disciplinary and Other FINRA Actions, June, 2014.”
Shondeep Sajan Balchandani (CRD #5165930, West Palm Beach, Florida)
was barred by FINRA for allegedly churning and excessively trading, engaging in unauthorized trading in non¬discretionary customer accounts, and recommending unsuitable investments to his customers.
FINRA's findings stated that Balchandani traded without the customers knowledge, authorization, or consent. The excessive trading was inconsistent with the customers’ investment objectives, and allegedly Balchandani's intention was for the purpose of generating commissions for himself and his firm. Balchandani did not consider his customers’ interests.
FINRA also found that Balchandani recommended purchases and sales to his customers were not suitable for their financial situation and needs.
(FINRA Case #2011027667402)
Shondeep Sajan Balchandani was previously registered with the following securities firm(s):
NSM SECURITIES, INC. (CRD# 134357) - WEST PALM BEACH, FL
03/2007 - 10/2011
AURA FINANCIAL SERVICES, INC. (CRD# 42822) - MIAMI, FL
08/2006 - 04/2007
This summation of information on FINRA's website ends here.
If you had financial losses due to the recommendation of your broker/financial advisor call Fort Lauderdale based Soreide Law Group for a free consultation with an attorney at: (888) 760-6552.
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