Arshad Hussain of Jasper Alabama a stockbroker formerly employed by Next Financial Group Inc. has been discharged by the firm on March 14, 2018 based upon allegations that Hussain (1) effected short-term trades of investments that were designed for long-term investors and (2) misstated account applications and disclosure forms in order to conceal the customers’ funding source for investments.
This is not the first time that Hussain has been terminated by a brokerage firm founded on accusations of his misconduct. Particularly, he was discharged by Edward Jones on July 31, 2007 supported by allegations that he traded in customer accounts without authorization and failed to conform to the investment policy utilized by the firm.
Financial Industry Regulatory Authority (FINRA) Public Disclosure confirms that Hussain has been identified in three customer initiated investment related disputes containing accusations of Hussain’s misconduct during the time that he was registered with Edward Jones. For example, on January 27, 2007, a customer filed an investment related complaint regarding Hussain’s conduct where the customer requested $5,000.00 in damages based upon allegations that stocks were purchased and sold in the customer’s account without the customer’s consent.
On September 16, 2008, another customer filed an investment related complaint concerning Hussain’s activities in which the customer sought $5,000.00 in damages founded on accusations that an unauthorized corporate debt transaction was placed in the customer’s account. Moreover, on November 25, 2011, a customer filed an investment related complaint involving Hussain’s conduct where the customer requested more than $5,000.00 in damages supported by allegations that unauthorized and unsuitable equity trades were executed in the customer’s account.
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