Publicly available records published by the Financial Industry Regulatory Authority (FINRA) on June 20, 2016 indicate that former Texas-based Oppenheimer broker Zahir Walji is currently not registered to act as a broker or an investment adviser. The securities and investment fraud law firm Fitapelli Kurta is interested in speaking to investors who have complaints regarding Mr. Walji (CRD# 5073186).
Zahir Walji has spent eight years in the securities industry and was most recently registered with Oppenheimer & Company in Austin, Texas (2012-2014). He was previously registered with UBS Financial Services in Austin, Texas (2006-2012). He is currently not registered with any state or firm.
According to his BrokerCheck report, Zahir Walji has received one customer complaint, two pending customer complaints, and one regulatory sanction.
In April 2016, a customer alleged Zahir Walji, while employed at UBS Financial Services and Oppenheimer & Company, ignored investment objectives and risk profiles, purchased unsuitable investments, churned accounts, breached his fiduciary duty, breached contract, and engaged in a “plan or scheme that operated as fraud.” The customer is seeking $2,000,000 in damages in the pending complaint.
In 2015, FINRA sanctioned Zahir Walji following allegations he engaged in outside business activities for which he did not provide adequate prior notification to his member firm. FINRA’s complaint alleges that Mr. Walji’s activities constituted the sale of limited partnership interests. He was issued a three-month suspension and a fine of $7,500.
In September 2015, Zahir Walji was terminated from his position at UBS Financial Services following allegations he participated in outside business activities and recommended “at least one client use credit line proceeds to make securities investments not permitted under the terms of the credit line agreement.”
In July 2015, a group of claimants alleged Zahir Walji, while employed at Oppenheimer & Company, solicited investments in “two private business ventures” for which they have not received dividends, interest, or return on the principal investment. The claimants are seeking $590,000 in damages in the pending complaint.
If you or someone you know has a complaint regarding Zahir Walji, call the securities and investment fraud law firm Fitapelli Kurta at 877-238-4175 for a free consultation. You may be eligible to recoup losses. Fitapelli Kurta accepts every case on contingency: we only get paid 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.