Ahmad Wares, a stockbroker formerly registered with EKN Financial Services, Inc., has been named in a customer initiated investment related arbitration claim on January 23, 2016, in which the customer requested $288,340.00 in damages based upon allegations that Wares breached his fiduciary duties, effected over-the-counter equity trades in the customer’s account on an excessive basis, made misrepresentations to the customer, and negligently managed the customer’s investment portfolio.
Financial Industry Regulatory Authority (FINRA) Public Disclosure reveals that Wares has been identified in eight additional customer initiated investment related disputes containing allegations of his misconduct while employed with First Midwest Securities, Inc., GBI Capital Partners, Inc., and Laidlaw & Company (UK) Ltd. Particularly, on April 6, 2009, a customer initiated investment related arbitration claim involving Wares’ conduct was settled for $97,500.00 in damages based upon allegations that Wares failed to abide by the customer’s instructions to sell equity positions, and effected unauthorized trades in the customer’s account.
On January 29, 2014, a customer was awarded $46,984.84 in damages according to an investment related arbitration claim involving Wares’ misconduct, based upon allegations that Wares churned the customer’s account and effected unauthorized equity transactions. Subsequently, on April 12, 2014, a customer initiated investment related arbitration claim regarding Wares’ activities was resolved for $115,000.00 in damages based upon allegations including unjust enrichment, breach of fiduciary and contractual duties, unsuitability, negligence, and fraud in reference to exchange traded fund transactions. In addition, the customer alleged that First Midwest Securities was responsible for Wares’ conduct based upon allegations of respondeat superior, control Wares liability, and the negligent supervision of Wares.
Further, on May 4, 2015, a customer initiated investment related arbitration claim regarding his activities was resolved for $28,500.00 in damages based upon allegations that Wares effected transactions in the customer’s account which were unsuitable and churned the customer’s equity portfolio. On April 27, 2015, another customer initiated investment related arbitration claim involving Wares’ conduct was settled for $5,000.00 in damages based upon allegations that he effected unsuitable and unauthorized stock transactions and churned the customer’s investment account.
Moreover, on December 8, 2015, a customer initiated investment related written complaint pertaining to Wares’ activities was resolved for $46,258.00 in damages based upon allegations that Wares failed to execute upon the customer’s instructions and placed trades in the customer’s account without authorization. On January 20, 2016, another customer initiated investment related arbitration claim regarding Wares’ activities was resolved for $46,000.00 in damages based upon allegations of unsuitability and churning.
Wares’ registration with EKN Financial Services Inc. ended on October 12, 2012. From September of 2012 to December 28, 2015, he was registered with Laidlaw & company Ltd. As of December 15, 2015, Wares has been registered with Salomon Whitney Financial. Since January 30, 1998, Wares has been associated with seven different broker dealers, six of which have been expelled by securities regulators for violation of federal securities laws or are otherwise defunct. #cockroach
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