Farrukh Kazmi (CRD #: 2855915), a broker registered with Berthel, Fisher & Company Financial Services, Inc., has pending client complaints regarding unsuitable and misrepresented investments, according to his BrokerCheck record, accessed September 22, 2020. There are also two regulatory actions and an employment termination on his record that investors should note.

On July 24, 2020, clients alleged that Farrukh Kazmi made unsuitable investment recommendations between 2013 and 2014. The clients are seeking $350,000; the dispute is pending.

On July 16, 2020, a client alleged that Mr. Kazmi recommended unsuitable investments and further alleged that the firm had not adequately supervised Mr. Kazmi’s work. The client is seeking $165,000; the dispute is pending.

On August 1, 2018, Farrukh Kazmi entered into a Decision & Order of Offer of Settlement in which he consented to a Civil Fine of $20,000 and a Disgorgement of $10,350.71. He also agreed to a suspension of five months, from April 15, 2019 to September 14, 2019.

In the Order, Mr. Kazmi consented to the findings that he regularly used instant messages and text messages to conduct securities business. This violated his firm’s written procedures and ignored explicit instructions from his supervisors to stop using these methods of communication. According to the Order, Mr. Kazmi also confirmed in writing that he would no longer use instant messaging. Despite this exchange, Farrukh Kazmi continued to use instant messaging when conducting securities business. Mr. Kazmi also communicated with customers via text messaging, without informing his firm or providing copies of these communications. This prevented the firm from reviewing and retaining his correspondence with the public. The findings further allege that Farrukh Kazmi denied using instant messaging to communicate with customers in compliance questionnaires.

In addition, the Order alleges that Farrukh Kazmi also placed purchase orders for shares in initial public offerings on behalf of a customer who Mr. Kazmi knew to be a registered representative of another broker-dealer. Mr. Kazmi received a total of $10,350.71 in commissions on these purchases and subsequent sale transactions by this representative who was also his firm’s customer.

You can see a copy of his Order accepting settlement here.

On March 18, 2005, Farrukh Kazmi was fired from Sterne Agee Financial Services, Inc., following allegations that he raised capital for University Imaging Centers of America without firm approval.

Farrukh Kazmi has passed the Series 63 Uniform Securities Agent State Law Examination, Series 65 Uniform Investment Adviser Law Examination, Securities Industry Essentials Examination, Series 31 Futures Managed Funds Examination, and the Series 7 General Securities Representative Examination. He is a registered broker in California, Georgia, Maryland, New Jersey, New York, and Pennsylvania.

During his 19 years in the securities industry, Mr. Kazmi has worked at the following firms:

  • Bright Trading, LLC (CRD #: 34702)
  • Sterne Agee Financial Services, Inc. (CRD #: 18456)
  • Cantella & Co. Inc. (CRD #: 13905)
  • Raymond James Financial Services, Inc. (CRD #: 6694)
  • Dean Witter Reynolds Inc. (CRD #: 7556)

If Farrukh Kazmi was your broker and you have questions about your investments, don’t hesitate to contact the securities attorneys of Fitapelli Kurta. Call (877) 238-4175 or email info@fkesq.com for your free case consultation with a securities attorney.

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