Masood Husain Azad, of League City, Texas, a stockbroker formerly registered with First Allied Securities, has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that he obstructed a FINRA investigation into allegations of Azad selling away from the firm and engaging in unapproved outside business activities. Letter of Acceptance, Waiver and Consent, No. 2017054623301 (Nov. 1, 2017).
According to the AWC, on June 15, 2017, First Allied Securities sent FINRA a notification that Azad was terminated by the firm on May 19, 2017, based upon allegations that Azad engaged in outside business activities that the firm did not approve, and effected a private securities transaction. FINRA launched an investigation into Azad in August of 2017, examining whether Azad solicited and facilitated investments in an electronic data security entity, as well as whether he engaged in outside business activities with the entity without procuring approval from First Allied Securities.
The AWC stated that Azad was sent a letter by FINRA staff on August 18, 2017, according to Rule 8210, which requested that Azad provide information and documentation in reference to his activities with the electronic data security entity. Azad reportedly received the letter, and was expected to cooperate by September 1, 2017. However, on August 31, 2017, counsel for Azad sought and obtained additional time from FINRA to respond, receiving a new deadline of September 22, 2017. The AWC stated that counsel then informed FINRA on September 20, 2017, that no information and documentation would be provided by Azad for FINRA’s investigation. FINRA found that Azad’s failure to cooperate in that regard was conduct violative of FINRA Rules 2010 and 8210.
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