Publicly available records provided by the Financial Industry Regulatory Authority (FINRA) on June 6, 2016 indicate that California and DC-based Merrill Lynch broker/adviser Arif Ahmed has been the subject of customer complaints. The securities and investment fraud law firm Fitapelli Kurta is interested in hearing from investors who have complaints regarding Mr. Ahmed (CRD# 3099755).
Arif Ahmed has spent 17 years in the securities industry and has been registered with Merrill Lynch in Palo Alto, California and Washington, DC since 1998. He has no previous registrations and is a registered broker with 27 US states and territories.
According to his BrokerCheck report, Arif Ahmed has received two customer complaints and one denied customer complaint.
In 2012, a customer alleged Arif Ahmed, while employed at Merrill Lynch, made unsuitable investment recommendations. The complaint settled for $458,684.
In 2008, a customer alleged Arif Ahmed, while employed at Merrill Lynch, misrepresented material facts, failed to follow instructions, and made unsuitable investment recommendations. The complaint settled in 2010 for $85,000.
In 2000, a customer alleged Arif Ahmed, while employed at Merrill Lynch, executed unauthorized stock sales. The customer sought $57,000 in damages in the complaint, which was denied.
Federal securities law prohibits brokers like Arif Ahmed from making untrue or false statements that can mislead their clients — an act referred to as “misrepresentation.” This also includes omitting material facts regarding an investment, or the effect that an investment could have on the client’s finances. A “material fact” is a piece of information that would be a significant consideration for a reasonable investor in making a decision about an investment. Some examples include the risk level of a stock, the potential return on an investment, or the fees involved with the transaction. Brokers and investment advisers who misrepresent material facts may be subject to disciplinary action from FINRA, the Securities and Exchange Commission, or state authorities.
If you have lost money investing with Arif Ahmed, you may be entitled to recoup your losses. Call the securities and investment fraud law firm Fitapelli Kurta at 877-238-4175 for a free consultation. All cases are taken on a contingency basis, which means we only get paid if and when you collect 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.