Miami, FL – Local financial advisor Viqas Akhtar has become the center of attention due to a surge in allegations of misconduct within the brokerage community. His ties with prominent financial entities like B. Riley Wealth Management and National Securities Corp. have brought him under increasing scrutiny as numerous complaints unfold.
An Inside Look at the Allegations
As a financial analyst, I’ve seen how the shine of professional acclaim can quickly tarnish when accusations surface. Akhtar has been accused of serious violations, such as making investment recommendations that don’t align with clients’ needs, excessively trading accounts—also known as churning—and executing trades without authorization.
Take, for example, a case from November 2023, when a customer complained to the Financial Industry Regulatory Authority (FINRA), alleging Akhtar’s excessive trading in their account led to significant financial damage of around $192,995. This isn’t an isolated event: another complaint in July 2023 involved a customer calling out Akhtar for recommending investments that were too risky for them.
Zooming into Private Placements
Many of these complaints deal with Akhtar allegedly advising on private placements, which are investments not open to the general public and don’t have to meet the same regulations as publicly traded securities.
“Private placements are offerings exempt from the SEC’s registration requirements pursuant to Securities Act Section 4(a)(2) or its safe harbor under Regulation D of the Securities Act are often referred to as private placements,”
the U.S. Securities and Exchange Commission (SEC) explains.
It’s important to remember the SEC’s warning that these unregistered offerings often lead to investment scams, and investors should be prepared to lose their entire investment in these less liquid options.
FINRA: The Enforcer of Industry Standards
FINRA steps in as the enforcer when issues like these arise, ensuring that stockbrokers and brokerage firms adhere to industry standards. This regulatory body records all customer complaints and initiates necessary actions.
Brokers and their firms must report any client problems, regulatory penalties, and personal financial issues under FINRA’s umbrella. So, when a seasoned broker such as Viqas Akhtar faces FINRA’s exacting lens, the future can look uncertain.
Denial from a Brokerage Firm: Is There Still Hope?
Facing rejection from a brokerage firm after lodging a complaint might seem like hitting a wall, but as experts and attorneys in securities suggest, this isn’t always the last word. If you’ve been wronged by broker negligence resulting in losses, it’s critical to seek legal assistance.
“When dealing with a tough case such as Viqas Akhtar’s, remember that your influence extends beyond your wallet. As we dive deeper into this investigation, Akhtar’s FINRA CRD 5624412 record will undoubtedly unveil a compelling narrative of financial struggles and possible outcomes. The quest for justice in finance might seem daunting,” but as Warren Buffett once said, “Risk comes from not knowing what you’re doing.” So, arm yourself with knowledge and the right legal aid to navigate these complex waters.
Whether you’re caught up in a case like Akhtar’s or just an observer, it’s crucial to understand the potential repercussions of poorly managed, or dishonest financial advisement. In fact, did you know that a staggering level of individuals—up to 17%—have reported misconduct by their advisors? This highlights the importance of vetting financial professionals thoroughly and checking their FINRA records before entrusting them with your finances. As this story unfolds, it’s imperative we keep an eagle eye on the development of Akhtar’s allegations and use this knowledge to fortify our financial decision-making.
