NEW YORK, Feb. 19, 2020 (GLOBE NEWSWIRE) -- Masood “Mike” Azad, an attorney and financial advisor based in League City, Texas, was recently sued in arbitration by a former client according to Fitapelli Kurta, the law firm representing the investor. The arbitration complaint, which was also filed against First Allied Securities, seeks over $1 million in damages, including interest, attorneys’ fees and punitive damages.
The investor’s lawsuit alleges that Mike Azad made materially false and misleading statements to induce his clients to invest in various investments, including a company owned by his own son-in-law. Mike Azad, according to the investor’s allegations, lied about the nature of these investments – in some instances even lying about investing and losing his own money. According to Jonathan Kurta, the attorney for the investor, “my law firm has the ‘smoking gun’ documentary evidence that we believe will prove that Mike Azad mislead his clients.”
In May 2017, Mr. Azad was fired from First Allied Securities, who is also named in the investor’s lawsuit. After his termination from First Allied Securities, the Financial Industry Regulatory Authority, or FINRA, began an investigation into Mike Azad’s conduct, including the allegations that resulted in his termination. Mike Azad did not participate in this investigation and, instead, agreed to a lifetime bar from association with any member of the Financial Industry Regulatory Authority. This bar will make it nearly impossible for Mr. Azad to ever lawfully market and sell securities ever again.
In addition to Mike Azad, the investor’s lawsuit also named First Allied Securities based on allegations that the broker-dealer failed to supervise Mike Azad, whose investment recommendations were not properly vetted by the firm, a securities law violation known as “selling away.” According to Jonathan Kurta, “we are confident that we have the evidence to ultimately prove that First Allied knew or should have known about Mr. Azad’s conduct.”
The arbitration claim against Mike Azad and First Allied Securities is pending before the Financial Industry Regulatory Authority. If you or someone you know invested with Mike Azad and you would like to speak with us about this matter, please contact Jonathan Kurta at 212-658-1500 or by email at info@fkesq.com.
Contact:
Jonathan Kurta, Esq.
FITAPELLI | KURTA
28 Liberty Street, 30th Floor
New York, New York 10005
Direct Phone: 212-658-1500
Direct Fax: 855-348-2735
www.fkesq.com
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