Publicly available records provided by the Financial Industry Regulatory Authority (FINRA) and accessed on October 30, 2017 indicate that former New York-based Gradient Securities broker/adviser Terry Baghat has been sanctioned by FINRA and barred from acting as a broker or otherwise associating with firms that sell securities to the public. Fitapelli Kurta is interested in speaking to investors who have complaints regarding Mr. Baghat (CRD# 1569518).
Terry Baghat has spent 29 years in the securities industry and was most recently registered with Gradient Securities in Amherst, New York (2015-2016). Previous registrations include Cambridge Investment Research in Amherst, New York (2010-2015); Summit Brokerage Services in Amherst, New York (2004-2010); Round Hill Securities in Alamo, California (2003-2004); Wachovia Securities Financial Network in St. Louis, Missouri (2001-2003); Securities America in La Vista, Nebraska (2000-2001); Pruco Securities Corporation in Newark, New Jersey (1997-2000); Linsco/Private Ledger in Boston, Massachusetts (1996-1997); MML Investors Services in Springfield, Massachusetts (1995-1996); NYLife Securities in New York, New York (1989-1995); FSC Securities Corporation (1989); Southmark Financial Services (1988); USLife Equity Sales Corporation (1987-1988); and Mutual of Omaha Fund Management Company (1986-1987). He has passed four securities industry examinations: Series 65 (Uniform Investment Adviser Law Examination); Series 63 (Uniform Securities Agent State Law Examination); Series 6 (Investment Company Products/Variable Contracts Representative Examination); and Series 26 (Investment Company Products/Variable Contracts Principal Examination). He is currently not registered with any state or firm.
According to his BrokerCheck report, he has received one customer complaint, one FINRA sanction and one pending civil complaint.
In September 2017 he was named respondent in an SEC complaint alleging he “misappropriated money from seven of his investment advisory clients, many of whom were senior citizens” and in some instances impersonated his customers in telephone calls with broker-dealers who held the customers’ accounts causing money to be transferred from those accounts to either himself or a company he controlled. The charges against him remain pending.
In March 2017 FINRA sanctioned him following allegations he failed to respond to a request for information. He was consequently barred from acting as a broker or otherwise associating with firms that sell securities to the public.
In March 2001 a customer alleged Terry Baghat, while employed at Securities America, recommended unsuitable mutual fund purchases that resulted in losses. The complaint settled in 2002 for more than $9,200.
If you or someone you know has lost money investing with Terry Baghat, call Fitapelli Kurta at 877-238-4175 for a free consultation. You may be eligible to recoup your losses. Fitapelli Kurta accepts all cases on a contingency basis: we only get paid if and when you collect money. Time to file your claim may be limited, so we encourage you to avoid delay. Call 877-238-4175 now to speak to an attorney for free.