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

Amir Navab was a California based securities broker. He worked in the securities industry for twenty-three years. During his career, he was registered with four different securities firms. He is no longer working as a registered securities broker in any fashion.

His Registrations

  • Smith Barney Inc. (1994-1997)
  • UBS Financial Services (1997-2009)
  • Morgan Stanley (2009-2017)
  • RBC Capital Markets (2017-2018)

The Allegations

  • In July 2004, customers alleged that Amir Navab managed their account negligently, recommended unsuitable investments, breached his fiduciary duty, made material misrepresentations, churned their account, over-concentrated their account, and executed unauthorized trades. This case was settled for $150,000 in damages.
  • In April 2008, a customer alleged that the investments Amir Navab placed him in were unsuitable due to the fact that he previously indicated he did not want to take any type of risk with his life savings. This case was settled for $100,000 in damages.
  • In September 2009, a customer alleged that Amir Navab made material misrepresentations and omissions, committed fraud, managed their account negligently, breached his fiduciary duty, breached contract, and recommended unsuitable investments. This case was settled for $822,500 in damages.
  • In September 2013, customers alleged that Amir Navab recommended unsuitable investments and made material omissions about structured products. This case was settled for $257,810 in damages.

What Does This Mean?

Securities brokers, like Amir Navab, have a legal obligation to always act in the best interests of their customers. Part of this means conducting the necessary due diligence to handle their customer’s accounts to this best of their ability. When brokers let this responsibility go awry, their customers can suffer financially for it. Negligence turns out to be one of the most common things that securities brokers are accused of.

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 Amir Navab, please contact Oakes & Fosher for a free and private consultation. Oakes & Fosher handles cases on a contingency basis, which means there are no fees charged unless we collect for you.