Enver R. Alijaj, of New York, New York, a stockbroker formerly associated with Legend Securities Inc., has been subject to a customer initiated investment related arbitration action on January 13, 2016, in which the customer requested $73,454.00 in damages based upon allegations that Alijaj effected unsuitable transactions in the customer’s account pertaining to over-the-counter equities, and breached his fiduciary duty.
FINRA Public Disclosure reveals that Alijaj has been subject to twenty-five additional events concerning misconduct. Particularly, on July 29, 2009, a customer initiated investment related arbitration claim involving Alijaj’s conduct was settled for $1,600,000.00 in damages based upon allegations that Alijaj negligently handled the customer’s account and effected transactions that were unsuitable for the customer.
On July 1, 2010, a customer initiated investment related arbitration claim involving Alijaj’s actions was settled for $500.00 in damages based upon allegations that Alijaj charged the customer with excessive commissions. On February 25, 2011, another customer initiated investment related arbitration action involving Alijaj’s conduct was resolved in the customer’s favor for $1,699,804.00 in damages, based upon allegations that Alijaj churned the customer’s account, generated commissions which were excessive, and traded in the customer’s account without requisite authorization.
Additionally, on May 10, 2011, a customer filed an investment related arbitration claim involving Alijaj’s actions, in which the customer requested $375,000.00 in damages based upon allegations that Alijaj made misrepresentations to the customer concerning commissions charged to the customer. On July 17, 2012, another customer initiated investment related arbitration claim involving Alijaj’s conduct was resolved in the customer’s favor, based upon allegations which included negligence, breach of contract, unauthorized trading, omission of facts, suitability, misrepresentations, churning and excessive trading.
On November 23, 2012, an additional customer initiated investment related arbitration claim involving Alijaj’s conduct was settled for $52,679.50 in damages based upon allegations that Alijaj excessively traded in the customer’s account. Further, on November 19, 2012, a customer filed an investment related arbitration claim involving Alijaj’s actions, in which the customer requested $928,000.00 in damages based upon allegations that Alijaj churned the customer’s account, breached his fiduciary obligations, and defrauded the customer.
On January 3, 2013, a customer initiated investment related arbitration claim involving Alijaj’s conduct was resolved in favor of the customer, in which the customer was awarded $400,000.00 in damages based upon allegations against Alijaj including excessive use of margin, over-concentration of the customer’s assets, and churning. On January 9, 2013, another customer was awarded $614,354.59 in damages per an investment related arbitration action involving Alijaj’s conduct, based upon allegations that Alijaj committed securities fraud.
On June 20, 2013, a customer filed an investment related arbitration claim involving Alijaj’s actions, in which the customer requested $1,152,233.06 in damages based upon allegations that Alijaj churned the customer’s account, breached his contractual duties, made misrepresentations to the customer concerning investments, and defrauded the customer.
On July 17, 2013, another customer was awarded $1,300,000.00 in damages per an investment related arbitration claim involving Alijaj’s conduct, based upon allegations that Alijaj effected unsuitable transactions in the customer’s account, committed fraud, and churned the customer’s account. Additionally, on July 15, 2014, a customer filed an investment related arbitration claim involving Alijaj’s conduct, in which the customer requested $206,359.00 in damages based upon allegations that Alijaj over-concentrated the customer’s accounts, and effected unsuitable transactions.
On July 15, 2014, Alijaj became subject to another customer arbitration, in which the customer requested $315,000.00 in damages based upon allegations of unsuitability and churning. On August 18, 2014, a customer filed an investment related arbitration claim involving Alijaj’s actions, in which the customer requested $1,000,000.00 in damages based upon allegations against Alijaj including excessive trading, unsuitability, and churning.
On December 21, 2012, Alijaj was fined $7,500.00 and suspended from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity after consenting to findings that Alijaj charged customers with excessive commissions pertaining to equity trades. Letter of Acceptance, Waiver and Consent, No. 2011026958201 (Dec. 21, 2012).
On September 30, 2013, Alijaj was suspended again by FINRA, after he was found to have failed to notify FINRA concerning his compliance with a settlement arrangement or arbitration award. On October 15, 2014, Alijaj was barred by FINRA after failing to cooperate with a request by FINRA for information. Alijaj has been cited by FINRA on three additional occasions between March 25, 2015, and September 14, 2015, regarding his failure to inform FINRA about compliance with a settlement agreement or arbitration award.
Since 2005, Alijaj has been associated with eight different broker dealers, four of which have been expelled by securities regulators for violation of federal securities laws or are otherwise defunct. #cockroach. Following Alijaj’s termination from Legend Securities Inc. in April of 2013, he was registered with Avenir Financial Group from April 2013 to August of 2013.
Guiliano Law Group
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