The law firm of Oakes & Fosher is presently investigating the alleged misconduct of securities broker Atul Makharia. According to his publicly available FINRA BrokerCheck report, Atul Makharia has been the subject of multiple customer disputes over the course of his career.
Atul Makharia is a South Carolina based securities broker. He has worked in the securities industry for fourteen years. During his career, he has been registered with four different securities firms.
His Registrations
- First Allied Securities (2005-2008)
- Gunnallen Financial (2008-2010)
- J.P. Turner & Company (2010-2015)
- Centaurus Financial (2015-Present)
The Allegations
- In October 2018, customers alleged that Atul Makharia recommended unsuitable investments. This case is currently pending. The customers are seeking $333,000 in damages.
- In November 2018, another customer alleged that Atul Makharia recommended unsuitable investments. This case was settled for $35,180 in damages.
- In June 2019, a customer alleged that Atul Makharia made material misrepresentations, recommended unsuitable investments, and breached his fiduciary duty. This case is currently pending. The customer is seeking $100,000 in damages.
- In August 2019, a customer alleged that Atul Makharia over-concentrated her investment account in unsuitable, complex, high-risk, speculative, and illiquid investments. This case is currently pending. The customer is seeking $600,000 in damages.
- In November 2019, customers alleged that Atul Makharia recommended unsuitable investments and breached his fiduciary duty. This case is presently pending. The customers are seeking $160,000 in damages.
What Does This Mean?
Securities brokers have significant obligations to their customers while acting as their fiduciary. One of the most important is choosing investments for them that are financially suitable for them based on financial information they (the customers) provided. This information includes the customer’s investment objectives, age, net worth, financial situation, risk tolerance, and liquidity needs. Brokers are expected to be able to determine an investor’s suitability by properly analyzing these factors. Brokers unable to achieve this determination of suitability are unable to execute their duties to the necessary standard.
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 Atul Makharia, please contact Oakes & Fosher for a free and private consultation. We work on a contingency basis, which means there are no fees charged unless we collect for you.
