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Rabinder Deshmukh Faces Unsuitability Allegations

Rabinder DeshmukhPublicly available records published by the Financial Industry Regulatory Authority (FINRA) on July 5, 2016 indicate that Florida-based Ameriprise Financial Services broker/adviser Rabinder Deshmukh, also known as Ravi Deshmukh, has received several resolved or pending customer complaints. The securities and investment fraud law firm Fitapelli Kurta is interested in hearing from investors who have complaints regarding Mr. Deshmukh (CRD# 5293748).

Rabinder Deshmukh has nine years in the securities industry and has been registered with Ameriprise Financial Services in Miami, Florida since August 2015. Previous registrations include JHS Capital Advisors in Miami, Florida and NSM Securities in West Palm Beach, Florida (2007-2013), which has since been expelled by FINRA. He is a registered broker and investment adviser with 28 US states and territories.

According to his BrokerCheck report, Rabinder Deshmukh has received three customer complaints and one pending customer complaint.

In March 2016, a customer alleged Rabinder Deshmukh, while employed at NSM Securities, “recommended and sold unsuitable, highly concentrated positions in speculative securities,” and additionally recommended trading on margin. The customer is seeking $9,000,000 in damages in the pending complaint.

In 2013, a customer alleged Rabinder Deshmukh, while employed at NSM Securities, misrepresented material facts related to an investment and made an unsuitable investment recommendation. The complaint settled in 2014 for $14,999, to which Mr. Deshmukh individually contributed $14,999.

In 2012, a customer alleged Rabinder Deshmukh, while employed at NSM Securities, traded on margin. The complaint, in which Mr. Deshmukh was only named as a relief defendant, settled in 2013 for $14,500, to which Mr. Deshmukh individually contributed $14,500.

In 2011, a customer alleged Rabinder Deshmukh, while employed at NSM Securities, engaged in churning, misrepresented and omitted material facts related to an investment, breached his fiduciary duty, recommended unsuitable investments, acted negligently, committed fraud, and participated in a “scheme of using excessive margin calls and trading to generate huge commissions, mark-ups, interest and fees.” The complaint, in which Mr. Deshmukh writes his name was “falsely used,” settled in 2012 for $225,000.

If you have lost money investing with Rabinder Deshmukh, also known as Ravi Deshmukh, you may be entitled to recover lost funds. Call the securities and investment fraud law firm Fitapelli Kurta at 877-238-4175 for a free consultation. All cases are taken on contingency: Fitapelli Kurta only gets 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.