The Fort Lauderdale-based Soreide Law Group obtained the summary of information from FINRA's Website under "Disciplinary and Other Actions, November 2014."
NSM Securities, Inc. (CRD #134357, West Palm Beach, Florida) and Niyukt Raghu Bhasin (CRD #2282048, Wellington, Florida)
NSM Securities was expelled from FINRA membership and Bhasin the founder, owner, President and Chief Executive Officer (CEO), was barred by FINRA.
Allegedly NSM aggressively traded stocks in the commission-based accounts of its customers. FINRA stated that Bhasin chose profits over his duties owed to NSM's customers and chose not to establish, maintain and enforce a supervisory system for NSM’s business.
FINRA stated that Bhasin fostered a 'culture of non-compliance' which then resulted in sales practice violations, customer complaints, and cold-calling abuse.
FINRA also stated that Bhasin, failed to detect and prevent churning, excessive trading, and unsuitable investment recommendations. NSM, acting through its brokers, allowed customers to buy securities in cash accounts where the cost to buy the securities was met by the sale of the same securities, known as "free-riding."
FINRA also found that the firm failed to institute procedures for cold-calling prospective customers resulting in telephone calls to numbers on the firm’s do-not-call list and/or the national do-not-call list.
(FINRA Case #2011027667402)
The Soreide Law Group recently won a case against NSM in which the client won 100% of their investment losses. See blog posting below at:
https://www.securitieslawyer.com/securitieslawyerblog/?p=4838
Call the Fort Lauderdale-based, Soreide Law Group for a free consultation on how to potentially recover your investment losses call: 888-760-6552.
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