Farrukh Shazad Kazmi, of Moorestown, NJ, a stockbroker registered with Berthel Fisher Company Financial Services Inc., was the subject of a customer initiated investment related FINRA securities arbitration claim that was settled for $130,000.00 in damages based upon allegations that Kazmi made unsuitable recommendations, made misrepresentations of material fact, and failed to perform due diligence in connection with the sale of real estate securities and business development companies when Kazmi was associated with Berthel Fisher Company Financial Services Inc. Financial Industry Regulatory Authority (FINRA) Arbitration No. 20-02327 (June 22, 2021).
FINRA Public Disclosure also shows that on June 22, 2021, a customer initiated investment related FINRA securities arbitration claim involving Kazmi’s conduct was settled for $35,000.00 in damages based upon allegations that Kazmi made misrepresentations of material fact and made unsuitable recommendations of stocks, real estate securities, and business development companies during the time that Kazmi was associated with Berthel Fisher Company Financial Services Inc. FINRA Arbitration No. 20-02240.
On March 22, 2019, Kazmi was fined $20,000.00 and suspended for five months from associating with any FINRA member in any capacity because Kazmi made unauthorized communications with customers regarding securities business. Decision and Order of Offer of Settlement No. 2014039169602.
According to the Order, Berthel Fisher’s policy prohibited communications with customers through unapproved systems and methods. On November 30, 2010, Kazmi was verbally warned by a supervisor that he was not allowed to communicate with customers via instant messaging. Despite the warning, Kazmi continued to use instant messaging to communicate with customers regarding securities business. Therefore, Kazmi violated FINRA Rules 2010 and 4511.
Kazmi has been associated with Berthel Fisher in Moorestown, NJ, as a stockbroker since January 5, 2010, and associated with BFC Planning Inc. in Moorestown, NJ as an investment advisor representative since October 3, 2022.
