Masood Husain Azad (also known as Mike Azad) of League City Texas a stockbroker formerly registered with First Allied Securities Inc. is the subject of a customer initiated investment related FINRA securities arbitration claim in which the customer requested compensatory damages based upon allegations of negligence and breach of contract relating to investments in Direct Participation Programs (DPPs) and Limited Partnerships (LPs) during the time that Azad was associated with First Allied Securities. Financial Industry Regulatory Authority (FINRA) Arbitration No. 20-02658 (Aug. 28, 2020). According to the claim, an unsuitable investment was solicited by Azad outside the auspices of First Allied Securities. The claim also alleges a breach of fiduciary duty by the stockbroker. The customer was allegedly defrauded.

FINRA Public Disclosure reveals that Azad has been identified in three additional customer initiated investment related disputes containing accusations of his misbehavior while employed by First Allied Securities. On February 5, 2020, a customer filed an investment related FINRA securities arbitration claim involving Azad’s conduct where the customer sought $1,100,000.00 in damages supported by allegations of unsuitable direct investments being sold to the customer resulting in damages. FINRA Arbitration No. 20-00413. The claim alleges that the customer suffered from a breach of contract and breach of fiduciary duty by the First Allied Securities stockbroker. Accusations also include negligence and fraud.

Azad is referenced in another customer initiated investment related FINRA securities arbitration claim in which the customer requested $400,000.00 in damages founded on allegations that Azad breached a fiduciary duty and had breached a contract all in reference to outside investments. FINRA Arbitration No. 20-00532 (Feb. 14, 2020). The claim alleges that the customer had been inappropriately solicited by Azad to invest in an outside securities transaction. According to the claim, the transaction was unsuitable and the customer had been defrauded.

On February 26, 2020, a different customer filed an investment related FINRA securities arbitration claim concerning Azad’s conduct where the customer sought $950,000.00 in damages based upon accusations of negligence and fraud in regard to an unapproved outside investment transaction initiated by the First Allied Securities financial advisor. FINRA Arbitration No. 20-00658. A contract and fiduciary duty had been breached relating to this transaction.

Azad has been barred from associating with any FINRA member in any capacity supported by findings that he failed to cooperate with requests made by the regulator when he was under investigation for outside business activities and private securities transactions. Letter of Acceptance Waiver and Consent No. 2017054623301 (Nov. 1, 2017). According to the AWC, FINRA began investigating Azad after learning that First Allied Securities discharged him founded on allegations of him selling away and engaging in unapproved outside business activities.

Azad was asked by FINRA to hand over information and documents so that it could determine if he violated FINRA rules on private securities transactions. The stockbroker was asked to inform FINRA about his possible involvement in soliciting an electronic data security company’s investment. After initially appearing to FINRA that Azad would be cooperative, FINRA learned from Azad’s legal counsel that there would be no information or documents provided by Azad in the investigation. Azad violated FINRA Rules 2010 and 8210.

Azad was registered with First Allied Securities between January 29, 2015 and May 19, 2017.

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