Naveed Akhtar Khan (also known as Nicholas Khan) of Staten Island New York a stockbroker formerly employed by Meyers Associates L.P. has been barred by Securities Exchange Commission (SEC) from being an investment adviser or stockbroker or working at firms advising investors or selling investors securities according to an Order Instituting Administrative Proceedings Pursuant to Securities Exchange Act Section 15(b) which contained findings that Khan committed securities fraud. In the Matter of Naveed A. Khan Administrative Proceeding No. 3-17866 (Mar. 6, 2017).
The Order noted that Khan was subject of a civil action brought by SEC in which a final judgment was rendered against him, enjoining him permanently from engaging in future conduct violative of Securities Act of 1933 Section 17(a), Securities Exchange Act of 1934 Section 10(b) and Rule 10b-5. Securities Exchange Commission v. Richard St. Julien et al. Case No. 1:16-cv-02193 (Sept. 5, 2016).
SEC alleged that kickbacks had been received by Khan in exchange for him steering customers towards buying ForceField Energy Inc. stock. Supposedly, Khan failed to inform the customers about his kickbacks. Additionally, burner phones were apparently utilized by Khan in his attempt to hide having contact with other people who engaged in the deceptive scheme. SEC claimed that Khan engaged in conduct which served to defraud and deceive investors.
Ultimately, Khan pleaded guilty to committing securities fraud; conduct violative of 15 U.S.C. § 78j(b) and 78ff. United States v. Jared Mitchell et al. (E.D.N.Y. Case No. 1:16-CR-00234). Consequently, Khan was barred by SEC.
Financial Industry Regulatory Authority (FINRA) Public Disclosure confirms that Khan is referenced in four customer initiated investment related disputes pertaining to accusations of his violative conduct during the time that he was associated with securities broker dealers including Meyers Associates L.P. and J.P. Turner & Company L.L.C. Specifically, on February 28, 2006, a customer initiated investment related complaint concerning Khan’s conduct was resolved for $8,500.00 in damages founded on allegations that unauthorized over-the-counter equities trades were executed in the customer’s account.
On August 28, 2008, another customer filed an investment related complaint involving Khan’s conduct where the customer requested $108,241.03 in damages based upon accusations that the customer’s over-the-counter equities investment portfolio was churned. Thereafter, on July 1, 2014, a customer initiated investment related arbitration claim involving Khan’s activities was settled for $75,000.00 in damages supported by allegations that margin-based trades were effected in the customer’s account on an excessive basis, and stock and over-the-counter equities transactions were not suitable for the customer. FINRA Arbitration No. 11-00192 (July 1, 2014).
Further, a customer filed an investment related arbitration claim concerning Khan’s activities in which the customer sought $88,671.00 in damages founded on accusations that the customer’s equity portfolio had been excessively traded, and transactions were placed in the customer’s account without adequate supervision. FINRA Arbitration No. 17-00943 (Apr. 12, 2017).
Khan’s registration with Meyers Associates, L.P. has been terminated as of May 10, 2016. Since October 15, 2003, Khan has been associated with eight different broker dealers, seven of which (including Meyers Associates L.P.) have been expelled by securities regulators for violation of federal securities laws or are otherwise defunct. #cockroach
