Raz Razvi (CRD#: 3042006), formerly of Lincoln Financial Securities Corporation (CRD#: 3870), has been suspended from the securities industry by FINRA, the Financial Industry Regulatory Authority, according to his BrokerCheck record accessed on March 16, 2020.
What happened to lead to Razi Razvi’s suspension by FINRA? It all began on April 9, 2018, when a customer alleged that Razi Razvi recommended an unsuitable investment and failed to inform them of the risks of this “non-registered investment.” The client sought $100,001 in damages and the matter ultimately settled for $67,485.95. Six months later, on October 25, 2018, a customer alleged that Razi Razvi recommended an unsuitable investment and did not inform them of the risks of this “non-registered investment.” The matter ultimately settled for $32,514.05.
The use of the term “non-registered investment” may refer to the investments that Raz Razvi allegedly “sold away” from his member firm. On March 5, 2020, Raz Razvi consented to FINRA’s findings that he engaged in outside business activities even after his brokerage firm denied his request to participate in said activities. Raz Razvi formed a company to refer investors to a purported real estate investment fund. He asked his firm if he could do this, and they denied his request.
Going against their decision, Raz Razvi went ahead and had agents of his company refer investors to the real estate investment fund. The agents received commissions, which were then paid to the company. Razvi, as owner of the company, received a portion of these commissions. Later, the real estate investment fund filed for Chapter 11 bankruptcy. The U.S. District Court for the Southern District of Florida issued judgments against the fund and its owner, requiring them to disgorge ill-gotten gains and pay a civil penalty.
Following an investigation by FINRA’s Division of Enforcement, Razvi consented to FINRA’s findings and to FINRA’s sanctions—a six-month suspension and a $5,000 fine. His suspension will last from March 16, 2020 to September 15, 2020. A copy of Raz Razvi’s AWC from FINRA’s Division of Enforcement can be viewed here.
Raz Razvi is not currently affiliated with a broker-dealer. Over his 18-year career in the securities industry, he has worked for five broker-dealers:
- Lincoln Financial Securities Corporation (CRD#: 3870)
- The O.N. Equity Sales Company (CRD#: 2936)
- Park Avenue Securities LLC (CRD#: 46173)
- NYLife Securities LLC (CRD#: 5167)
- Mutual of Omaha Investor Services, Inc. (CRD#: 611)
If Raz Razvi was your broker and you have questions about your investments, don’t hesitate to contact the securities attorneys of Fitapelli Kurta to learn about your options for recovery. Call (877) 238-4175 or email email@example.com for your free case consultation with a securities attorney.