Publicly available records provided by the Financial Industry Regulatory Authority (FINRA) on May 17, 2017 indicate that former California-based Gold Coast Securities broker Joseph Farah has been named in a pending FINRA complaint. Fitapelli Kurta is interested in speaking to investors who have complaints regarding Mr. Farah (CRD# 2978633).
Joseph Farah has spent seventeen years in the securities industry and was most recently registered with Gold Coast Securities in Irvine, California (2002-2015). Previous registrations include National Planning Corporation in El Segundo, California (1998-2002) and Financial Network Investment Corporation in El Segundo, California (1998). He has passed three securities industry examinations: Series 63 (Uniform Securities Agent State Law Examination), Series 6 (Investment Company Products/Variable Contracts Representative Examination) and Series 7 (General Securities Representative Examination). He is currently not affiliated with any broker-dealer firm.
According to his BrokerCheck report, Joseph Farah has received one pending customer complaint and one pending FINRA complaint.
In May 2017 he was named respondent in a FINRA complaint alleging he willfully violated FINRA rules and securities laws by churning a customer’s account. FINRA’s complaint states further: “Farah, with scienter, engaged in a manipulative, deceptive and fraudulent scheme. Farah acted with intent to defraud or, at the very least, with reckless disregard of the customer’s interests. Farah knew that the customer had a limited income and net worth, no investment experience, was supporting her children, and unable to tolerate any significant loss. But Farah, nonetheless, day-traded her account with the entire attendant risks and costs. Farah also did this without discussing any of the transactions with the customer. Moreover, Farah concealed what he was doing by failing to disclose that he was associated with a broker-dealer on the trading authorization agreements of an executing member firm, and by lying on his member firm’s annual compliance questionnaires. The complaint also alleges that Farah engaged in excessive and unsuitable trading in the customer’s account.” The complaint remains pending.
In 2015 he was terminated from his position at Gold Coast Securities in connection to these FINRA allegations: “the representative was a partial owner of an outside business without notice to and approval by the firm in violation of FINRA Rules 2010 and 3270. FINRA alleges that the representative had discretionary authority over a customer’s account at another broker-dealer without notifying the firm of his affiliation in violation of FINRA Rule 2010 and NASD Rule 3050.”
In 2015 a customer alleged Joseph Farah, while employed at Gold Coast Securities, traded her account in a manner that resulted in losses. The customer is seeking more than $8,900 in damages in the pending complaint.
If you have complaints regarding Joseph Farah, call firm Fitapelli Kurta at 877-238-4175 for a free consultation. You may be eligible to recover your losses. All cases are taken on a contingency basis: we only get paid if and when you collect money. The law sets a limited window to file complaints, so we recommend you avoid delay. Call 877-238-4175 now to speak to an attorney for free.