California broker, Angelo Talebi, finds himself in hot water with his firm and FINRA, as well as his clients.
Does your broker have your username and password for your online trading account? If so, does his current employer know that he does? If not, it could spell trouble for everyone involved.
Take into account Royal Alliance Associated, Inc. broker Angel Talebi out of California according to FINRA records, or about December 2013, Talebi’s customer from Royal Alliance Associates, Inc. moved his accounts with Royal to another FINRA member firm that provided online trading. Without informing Royal, Talebi used the customer’s login credentials to execute transactions through the customer’s other FINRA member firm.
Neither firm was aware that Talebi was doing this and his actions were in direct violation of NASD Conduct Rule 3050(c), which requires the broker to notify both the employer member firm and executing member firm in writing.
As a result, Talebi was fined $10,000 by FINRA and suspended from association with any FINRA member in any and all capacities for a period of 60 days.
In addition to this regulatory event on Talebi’s BrokerCheck record, there is a total of 27 other disclosure events reported on his record during his 23 years in the securities industry. Other allegations against him include misrepresentation, unsuitability, excessive trading, unsuitable use of margin, deceptive sales practices, failure to disclose risks, overconcentration and mismanagement, among others. Requested damage amounts against Talebi exceed $7M, according to BrokerCheck.
Most recently registered with Independent Financial Group, LLC in Sherman Oaks, California, Talebi was previously registered with Royal Alliance Associates, Inc., LPL Financial, LLC, Securities America, Inc. and Quest Captial Strategies, Inc.
If you invested with Angelo Talebi and feel that his actions caused you to lose your investment money, it is important for you to understand your rights. In fact, if you feel you have suffered financial loss at the hands of any financial advisor or investment firm, it is important for you to understand your rights.
To learn more, seek the guidance of a qualified and experienced securities arbitration attorney. You may potentially recover financial losses through securities arbitration.
Silver Law Group’s team of securities arbitration attorneys stands ready to help you understand your rights and represent your interests. Contact us today to schedule a complimentary consultation and rest assured knowing that no fees will be charged unless money is recovered.