Joseph C. Farah, of Irvine, California, a stockbroker formerly registered with Gold Coast Securities, Inc., has been named in a Financial Industry Regulatory Authority (FINRA) investigation, wherein FINRA recommended disciplinary action to be taken against Farah based upon allegations that Farah potentially violated Securities Exchange Act of 1934 Section 10(b), SEC Rule 10b-5, FINRA Rules 2010, 2111, 2020, 3270, and NASD Rule 3050. Investigation No. 20140414324 (Feb. 23, 2017).
Farah was terminated by Gold Coast Securities, Inc. on September 15, 2015, based upon the firm’s allegations that Farah engaged in outside business activities which had not been disclosed or approved by Gold Coast Securities; conduct which FINRA alleged to be violative of FINRA Rules 3270 and 2010. Additionally, Farah was alleged to have violated NASD Rule 2050 and FINRA Rule 2010 based upon exercising discretion in customer accounts held at an outside brokerage account, wherein Gold Coast Securities had not been notified by Farah regarding his activities in this regard.
FINRA Public Disclosure reveals that on August 4, 2015, a customer filed an investment related written complaint involving Farah’s conduct, in which the customer requested $8,970.06 in damages based upon allegations that Farah effected equity trades in the customer’s account at an outside institution, where the customer sustained investment losses as a result. The customer additionally alleged that Farah made misrepresentations concerning the extent of investment losses, and misrepresented the basis for which premiums on a universal life insurance policy would be paid with investment gains.
Guiliano Law Group
Our practice is limited to the representation of investors. We accept representation on a contingent fee basis, meaning there is no cost to you unless we make a recovery for you. There is never any charge for a consultation or an evaluation of your claim. For more information, contact us at (877) SEC-ATTY.
To learn more about FINRA Securities Arbitration, and the legal process, please visit us at securitiesarbitrations.com
