Published on:

New Jersey Broker, Ahsan Shaikh, has Pending Complaint

The securities and investment fraud law firm Fitapelli Kurta is interested in hearing from investors who have complaints regarding New Jersey-based E1 broker Ahsan Shaikh (CRD# 2306482).

Ahsan Shaikh has spent 22 years in the securities industry and has been registered with E1 Asset Management in Jersey City, New Jersey since 1999. Previous registrations include Clearing Services of America in St. Louis, New Jersey (1998-2000); IAR Securities in New York, New York (1997-1998); VTR Capital in New York, New York (1994-1997); J. Gregory & Company (1993-1994); and Chatfield Dean & Company in Greenwood Village, Colorado (1993). Two of Mr. Shaikh’s former employers, IAR Securities and VTR Capital, have since been expelled by the Financial Industry Regulatory Authority (FINRA).

According to his Brshutterstock_123948847okerCheck report, Ahsan Shaikh is the subject of six customer complaints, one pending customer complaint, and one regulatory sanction.

In June 2015 FINRA sanctioned Ahsan Shaikh, in his capacity as a principal of E1 Asset Management, following allegations he failed to establish and maintain a supervisory protocol reasonably designed to monitor electronic correspondence, and additionally failed to implement suitability reviews of transactions in new clients’ accounts. Ahsan Shaikh was issued a one-month suspension.

In 2014 a customer alleged Ahsan Shaikh, while employed at E1 Asset Management, breached contract, misrepresented material facts, acted negligently, and committed fraud. The customer is seeking $2,400,107 in damages in the pending complaint.

In 2011 a customer alleged Ahsan Shaikh, while employed at E1 Asset Management, failed to supervise his representatives. The complaint settled in 2013 for $230,000.

In 2008 a customer filed a complaint against Ahsan Shaikh, while he employed at E1 Asset Management, alleging that the client was unhappy with the account’s performance. The complaint settled for $15,000.

In 2005 a customer filed a complaint against Ahsan Shaikh, while he was employed at E1 Asset Management, alleging unauthorized and speculative trades were made in his account. The complaint settled for $75,000.

In 1998 a customer alleged Ahsan Shaikh, while employed at IAR Securities, violated rules and caused losses. The complaint settled for $9,700.

In 1998 a customer alleged Ahsan Shaikh recommended transactions based on fraudulent information. The complaint settled for $4,500.

If you or someone you know has a complaint regarding Ahsan Shaikh, call the securities and investment fraud law firm Fitapelli Kurta at 877-238-4175 for a free consultation. You may be able to recoup losses. Fitapelli Kurta accepts every case on contingency: we only receive payment if and when you collect money. Time to file your claim may be limited, so we recommend you avoid delay. Call 877-238-4175 now to speak to an attorney for free.