Farrukh Shazad Kazmi of Moorestown New Jersey a stockbroker currently registered with Berthel Fisher Company Financial Services is referenced in a customer initiated investment related FINRA securities arbitration claim where the customer sought $350,000.00 in damages founded on allegations of failed due diligence relating to the customer’s investment in a business development company and real estate security. Financial Industry Regulatory Authority (FINRA) Arbitration No. 20-02327 (July 24, 2020). According to the claim, the customer was sold unsuitable investments. Misrepresentations had allegedly been made by the stockbroker. The claim also alleges that Berthel Fisher Company failed to supervise Kazmi.
Kazmi has been identified in two additional customer initiated investment related disputes concerning accusations of his misconduct while registered with securities broker dealers including Berthel Fisher. FINRA Public Disclosure reveals that a customer initiated investment related complaint involving Kazmi’s conduct was settled to resolve allegations that Kazmi failed to follow the customer’s instructions.
On July 16, 2020, a different customer filed an investment related FINRA securities arbitration claim regarding Kazmi’s conduct in which the customer requested $165,000.00 in damages based upon accusations of misrepresentation and unsuitability as it pertained to investments in a real estate security and business development company. FINRA Arbitration No. 20-02240. The claim alleges inadequate due diligence and supervisory failures concerning alternative investment transactions during the time that Kazmi was associated with Berthel Fisher.
Kazmi has also been fined $20,000.00 and suspended for five months from associating with any FINRA member in any capacity founded on findings that Kazmi engaged in unauthorized activities and had made unauthorized trades. Department of Enforcement v. Farrukh S. Kazmi Disciplinary Action No. 2014039169602 (Mar. 22, 2019).
According to the Order, Kazmi improperly conducted securities business. Customers’ accounts had been traded by Kazmi without authorization. The regulator indicated that when Kazmi was questioned about his activities by Berthel Fisher, he provided false information to conceal his activities. The stockbroker falsely completed multiple compliance questionnaires.
Kazmi has been registered with Berthel Fisher since January 5, 2010.
