A customer initiated an investment related arbitration claim involving the conduct of Pranav Patel, of Boca Raton, Florida, a stockbroker formerly associated with Dawson James Securities, Inc. Customers collectively requested $62,855.00 in damages based upon allegations that Patel sold securities in ForceField Energy Inc. to them outside the auspices of his firm. The customers alleged that Patel received compensation totaling $2,144.00 in connection with $62,855.00 worth of ForceField Energy Inc. that customers purchased.
FINRA Public Disclosure reveals that Patel has been subject to three additional customer initiated investment related arbitration claims. Specifically, on March 5, 2010, a customer lodged an investment related arbitration claim involving Patel’s actions in which $1,960.73 in damages was requested based upon allegations that Patel effected unauthorized trades in the customer’s account.
On October 3, 2011, a customer initiated investment related arbitration claim involving Patel’s conduct was settled for $75,000.00 in damages based upon allegations that Patel breached his fiduciary duties to the customer, effected investment recommendations which were unsuitable, and made misrepresentations to the customer concerning investments.
On May 3, 2016, Patel was charged in a Complaint by The Securities and Exchange Commission which alleged that Patel participated in a scheme that contained kickbacks, bribes, and unregistered brokers that tried to get investors to purchase a company’s stock. Patel was alleged to have obtained cash bribes. The SEC claimed that Patel’s conduct was violative of Securities Exchange act of 1934 Section 10(b) as well as SEC Rule 10b-5. SEC Litigation Release 23529 (May 3, 2016).
Since 2007, Patel has been associated with six different broker dealers, one of which has been expelled by securities regulators for violation of federal securities laws or is otherwise defunct.
Guiliano Law Group
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