Narinder Kaur Singh (also known as Narinder Dutt) of Sacramento California a stockbroker formerly employed by ProEquities Inc. and Farmers Financial Solutions LLC has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based on findings that she failed to cooperate with a FINRA investigation into accusations of her misconduct. Letter of Acceptance Waiver and Consent No. 2019063861501 (Aug. 28, 2020).
According to the AWC, FINRA received confirmation from Transamerica Financial Services and ProEquities that Singh was the subject of a customer initiated investment related complaint where Singh was alleged to have sold the customer an investment that was fraudulent.
After receiving this information, an investigation into Singh’s activities was launched by FINRA. The AWC stated that the stockbroker complied with FINRA’s request at first but she eventually stopped doing so midway through the investigation. On August 18, 2020, a request was sent to Singh which called upon her to testify in response to the allegations of her fraudulent investment sales.
FINRA received a phone call from Singh on August 19, 2020 at which time she made clear for the regulator that she was not going to cooperate in the investigation. She refused to make any appearance and testify before FINRA personnel about her interactions with the customer. The regulator was unable to determine whether Singh committed fraud for this reason. Singh’s lack of cooperation in the investigation was violative of FINRA Rules 2010 and 8210.
FINRA Public Disclosure confirms that Singh has been identified in four customer initiated investment related disputes concerning accusations of her misconduct during the period in which she was employed with ProEquities. Singh is named in a customer initiated investment related arbitration claim where the customer was awarded $207,620.70 in compensatory damages and $100,000.00 in punitive damages supported by Singh being found liable for fraud or breach of a fiduciary duty. FINRA Arbitration No. 19-02711 (Aug. 14, 2020).
According to the claim, the stockbroker violated California Securities Act and Arizona Securities Act including Arizona Consumer Fraud Act. An investment agreement between the customer and the securities broker dealer had been breached. The Statement of Claim also shows that the customer was placed into a fraudulent investment contract involving Express Asset and Wealth Management. Singh controlled that company during the time that she was associated with ProEquities and Transamerica.
Singh is also referenced in a customer initiated investment related written complaint that was resolved for $7,000.00 on June 8, 2020 based upon allegations that the customer was solicited for purposes of buying an investment contract that would pay five percent interest over six months. The customer was allegedly forced to write a check out to Singh’s company in order to invest. On July 9, 2020, a customer initiated investment related complaint regarding Singh’s activities was settled for $29,642.72 in damages founded on accusations of Singh selling away when she was registered with Transamerica.
Singh is the subject of another customer initiated investment related written complaint that was resolved for $45,357.28 on July 9, 2020 supported by allegations of her soliciting a customer’s funds for an investment purchased outside of Transamerica’s auspices.
Singh’s employment with Transamerica was terminated on August 1, 2016. She was employed by ProEquities between July 22, 2016 and December 31, 2017 and employed by Farmers Financial Solutions LLC between January 11, 2018 and November 6, 2019.
