The law firm of Oakes & Fosher is presently investigating the alleged misconduct of securities broker Rushdi Zalatimo. According to his publicly available FINRA BrokerCheck report, Rushdi Zalatimo has been the subject of multiple complaints over the course of his career.
Rushdi Zalatimo is a New Jersey based securities broker. He has worked in the securities industry for twenty-one years. During his career, he has been registered with two different securities firms.
- In June 2001, a customer alleged that Rushdi Zalatimo made material misrepresentations and recommended unsuitable investments. This case was settled for $75,000 in damages.
- In November 2002, customers alleged that Rushdi Zalatimo executed unsuitable trades, churned their account, used high pressure sales techniques, and inflated the customers’ net worth and financial information on a new account form. This case was settled for $133,000 in damages.
- In September 2019, a customer alleged that Rushdi Zalatimo breached his fiduciary duty, handled their account negligently, and executed unauthorized trades. This case is currently pending. The customer is seeking $200,000 in damages.
There is a common misconception among investors that just because an investor has hired a securities broker to manage their account means they have forfeited their right to decide what they are ultimately invested in–this is not the case. Securities brokers are always required to obtain their customers’ authorization before executing trades on their behalf. Often times, when a broker executes a trade without the account holder’s authorization, it is because the trade is highly unsuitable for them.
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 Rushdi Zalatimo, 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.