The securities and investment fraud law firm Fitapelli Kurta is interested in hearing from investors who have complaints regarding the Indiana-based brokerage and advisory firm One Resource Financial Consultants, which offers securities through Next Financial (CRD# 46214).
Formed in Virginia in 1998, Next Financial is headquartered in Houston, Texas and registered with 53 US states and territories. Barry Knight is President and Chief Executive Officer; Leslie Jallans is Chief Compliance Officer; Philip Smith is Chief Financial Officer and Financial Operations Principal; Christopher Mueller is Senior Vice President and Chief Operations Officer.
According to the firm’s BrokerCheck report, Next Financial is the subject of sixteen regulatory sanctions and three customer complaints that evolved into arbitration. One Resource Financial Consultants’ Fred Farhoumand is the subject of two customer complaints, eight closed or denied customer complaints, and four tax liens, according to his BrokerCheck report.
In 2007 a customer alleged Faroud “Fred” Farhoumand, while employed at SII Investments, misrepresented and recommended three unsuitable variable annuities. The complaint settled in 2008 for $350,000.
In 2002 a customer alleged Faroud “Fred” Farhoumand, while employed at SII Investments, misrepresented and recommended unsuitable investments. The complaint settled in 2003 for $150,000.
In January 2016 the Financial Industry Regulatory Authority (FINRA) sanctioned Next Financial following allegations the firm failed to identify and institute sales charge discounts for eligible Unit Investment Trust (UIT) purchases, causing excessive sales charges of approximately $192,089. According to FINRA’s complaint, Next Financial “failed to apply sales charge discounts to 696 eligible UIT purchases.” FINRA also alleged that Next Financial “failed to establish, maintain and enforce a supervisory system and written supervisory procedures… reasonably designed to ensure customers received sales charge discounts on all eligible UIT purchases.” Next Financial signed a letter of Acceptance, Waiver and Consent (AWC Letter) consenting to a censure, a fine of $125,000, and restitution totaling $216,150.04 to the aggrieved customers.
If you have lost money investing with or have complaints regarding One Resource Financial Consultants, Next Financial, or Fred Farhoumand, call the securities and investment fraud law firm Fitapelli Kurta at 877-238-4175 for a free consultation. You may be qualified to recover your losses. All cases are taken on contingency: we only get paid if and when you recover 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.