Masood Husain Azad (also known as Mike Azad) of League City, Texas, a stockbroker formerly registered with First Allied Securities Inc., is identified in a customer initiated investment related FINRA securities arbitration claim in which the customer sought $500,000.00 in damages founded on accusations of breach of contract, misrepresentation, and negligent supervision of the customer’s variable annuity transactions when Azad was registered with First Allied Securities. FINRA Arbitration No. 21-01925 (August 5, 2021). According to the claim, Azad recommended that the customer invest in a security that was not approved by the securities broker dealer.
FINRA Public Disclosure shows that Azad has been identified in four additional customer initiated investment related disputes containing allegations of his activities while he was registered with securities broker dealers, including First Allied Securities. A customer filed an investment related FINRA securities arbitration claim regarding Azad’s conduct where the customer requested $1,100,000.00 in damages based upon accusations of breach of contract and breach of fiduciary duty as it pertained to direct investments through Azad at First Allied Securities. FINRA Arbitration No. 20-00413 (February 5, 2020). The claim alleges that Azad recommended unsuitable DPPs or LPs and that the customer was defrauded.
On May 5, 2021, a different customer initiated investment related FINRA securities arbitration claim involving Azad’s conduct was settled for $125,000.00 in damages supported by allegations of Azad soliciting an unapproved outside investment. FINRA Arbitration No. 20-00532. The claim alleges negligence, breach of fiduciary duty, fraud, and breach of contract at First Allied Securities.
Azad is also the subject of a customer initiated investment related FINRA securities arbitration claim which was resolved for $125,000.00 in damages founded on accusations of unsuitable securities transactions and the breach of both a fiduciary duty and a contract while Azad was associated with First Allied Securities. FINRA Arbitration No. 20-00658 (May 5, 2021). According to the claim, the customer was defrauded.
On May 5, 2021, yet another customer initiated investment related FINRA securities arbitration claim concerning Azad’s activities was settled for $200,000.00 in damages based upon allegations of Azad and First Allied Securities causing the customer losses on fraudulent direct investment transactions, including LPs and DPPs. FINRA Arbitration No. 20-02658. The claim alleges breach of contract and unsuitability.
Azad has been barred from associating with any FINRA member in any capacity, supported by findings that he obstructed a FINRA investigation into accusations of his private securities transactions while registered with First Allied Securities. Letter of Acceptance, Waiver, and Consent No. 2017054623301 (November 1, 2017). According to the AWC, on August 18, 2017, Azad was told by FINRA to provide information and documents relating to its investigation into whether Azad solicited investments in a data security company. Azad refused to comply, violating FINRA Rules 2010 and 8210.
Azad was registered with First Allied Securities between January 29, 2015, and June 15, 2017.
