The law firm of Oakes & Fosher is presently investigating the alleged misconduct of former securities broker Akhil Morada. According to his publicly available FINRA BrokerCheck report, Akhil Morada has been the subject of multiple customer disputes.

Akhil Morada was a Florida based securities broker. He worked in the securities industry for twelve years. During his career, he was registered with six different securities firms. He is not currently working as a registered securities broker in any fashion.

His Registrations

  • Gunnallen Financial (2004-2009)
  • CBG Financial Group (2009-2012)
  • NSM Securities (2012-2014)
  • E.J. Sterling (2014-2015)
  • Newbridge Securities Corporation (2015-2016)
  • Primex (2016)

The Allegations

  • In February 2010, a customer alleged that Akhil Morada engaged in improper and unauthorized activities. This case was settled for $25,000 in damages.
  • In March 2010, a customer alleged that Akhil Morada engaged in unsuitable and unauthorized trading. This case was settled for $5,000 in damages.
  • In June 2014, a customer alleged that Akhil Morada engaged in excessive and unsuitable trading. This case was settled for $60,000 in damages.
  • In February 2015, customers alleged that Akhil Morada breached his fiduciary duty, handled their account negligently, breached contract, and engaged in fraud. This case was settled for $30,000 in damages.
  • In December 2015, a customer alleged that Akhil Morada made wild trades in his account and did not discuss the account strategies or account losses with him. This case was settled for $38,000 in damages.
  • In March 2017, a customer alleged that Akhil Morada executed unauthorized trades, handled their account negligently, breached contract, made material misrepresentations, and breached his fiduciary duty. This case was settled for $7,500 in damages.
  • In August 2018, Akhil Morada was sanctioned by FINRA. The findings in this matter state that he engaged in quantitatively unsuitable trading in multiple customer accounts. Due to these allegations, he was suspended from acting as a registered securities broker in any fashion for a period of one year and forced to pay $15,000 in fines, as well as an additional $55,555 in restitution.

What Does This Mean?

Most investors lack the knowledge and experience to invest suitably without the aid of a securities broker. This is the reason that most investors hire securities brokers. Brokers can determine suitability by analyzing factors that include; investment objectives, age, annual income, net worth, risk tolerance, liquidity needs, and more. One of the most important aspects of a securities brokers job is the ability to determine suitability by looking at these factors. Because of this, brokers cannot excuse their behavior when things go awry by claiming they were unaware of the investment’s unsuitability.

Oakes & Fosher Can Help

Many investors are unaware of the legal recourse available to them after losing money due to securities broker fraud and/or negligence. The truth is that investors who have lost money in this fashion may actually be entitled to damages.

Oakes & Fosher dedicates its entire legal practice to helping investors across the nation. If you, or someone you know, have lost money investing with Akhil Morada, please contact Oakes & Fosher for a free and private consultation.