Rajesh Markan, a former stockbroker from Dallas, Texas, has been permanently barred by Financial Industry Regulatory Authority (FINRA). The decision, effective October 1, 2024, followed Markan’s refusal to provide documents and information during a FINRA investigation. The investigation began after Hilltop Securities conducted an internal review regarding allegations of fraud, misappropriation, and violations of investment-related regulations. Without admitting or denying the findings, Markan agreed to the permanent bar, which prevents him from associating with any FINRA member in any capacity. Letter of Acceptance, Waiver, and Consent (AWC) No. 2024083048001.
According to FINRA Public Disclosure, Markan is currently the subject of customer disputes involving allegations of his conduct. On November 25, 2024, in a FINRA securities arbitration claim, a customer alleged that Markan solicited her to invest in a fraudulent hedge fund and misappropriated her funds, seeking $300,000 in damages. FINRA Arbitration No. 24-02499. Similarly, in another FINRA securities arbitration claim on November 1, 2024, another customer claimed Markan solicited him for a fraudulent hedge fund investment and misappropriated $500,000 (FINRA Arbitration No. 24-02147).
On October 23, 2024, two additional FINRA securities arbitration claims were filed alleging Markan’s involvement in fraudulent hedge fund investments. The customers are seeking $1,200,000 and $1,000,000 in damages, respectively (FINRA Arbitration Nos. 24-02289 and 24-02148).
On September 25, 2024, a customer alleged Markan solicited her for a fraudulent hedge fund investment, requesting $200,000 in damages (FINRA Arbitration No. 24-02052). Earlier, on September 4, 2024, customers accused Markan of making a private equity fund with fraudulent prospectuses to solicit investments, seeking $420,000 in damages (FINRA Arbitration No. 24-01894).
On August 20, 2024, two additional arbitration claims were filed. The customers alleged Markan solicited fraudulent investments and misappropriated funds, seeking $200,000 and $300,000 in damages related to hedge funds and private equity funds (FINRA Arbitration No. 24-01785).
Markan voluntarily resigned from Merrill Lynch on October 5, 2022. Merrill Lynch reported that Markan failed to disclose a loan to a customer.
Markan’s employment history includes Hilltop Securities Inc. from October 2022 to August 2024 in Dallas, Texas, and at Merrill Lynch Pierce Fenner Smith Incorporated from May 2009 to November 2022 in Flower Mound, Texas.
