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The law firm of Oakes & Fosher is presently investigating the alleged misconduct of former securities broker Masood Azad. According to his publicly available FINRA BrokerCheck report, Masood Azad has been the subject of a FINRA sanction.

Masood Azad was a Texas based securities broker. He worked in the securities industry for twelve years. During his career, he was registered with just two different securities firms.

His Registrations

  • Voya Financial Advisors (2004-2015)
  • First Allied Securities (2015-2017)

The Allegations

In November 2017, Masood Azad was officially sanctioned by FINRA. The findings in this matter state that Azad participated in unapproved private securities transactions. He allegedly solicited investments from individuals meant for an electronic data security company. The findings state he did this without seeking authorization from his member firm. Masood Azad had been terminated from his member firm six months prior when the allegations first came to light.

What Does This Mean?

Securities brokers like Masood Azad are not allowed to engage in private securities transactions without first obtaining their member firm’s authorization. This is because a securities broker’s motivation to recommend private products can often be fueled by a significant conflict of interest. This can cause securities brokers to recommend unapproved private securities to customers because they have a financial stake in the security, or because they are receiving a cash kick back from a third party to recommend the security, or simply because they receive an excessively high commission when the transaction is executed. This can often lead to less than scrupulous securities brokers recommending securities to investors that are not financially suited for them. It is the responsibility of the securities firm to prevent investors from being harmed in this way. They are not excused simply because one of their registered brokers did not disclose their intent to recommend such investments. Securities firms are required to have adequate procedures in place meant to supervise their registered brokers and prevent them from engaging in any unauthorized activity.

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 Masood Azad, 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.