Joseph Farah Fired by Gold Coast Securities, Inc. - Goodman & Nekvasil P.A., May Recover Investor Losses
Goodman & Nekvasil P.A., May Recover Investor Losses - Joseph Farah Fired by Gold Coast Securities, Inc.
From 2002 until Joseph Farah’s firing in 2015, Joseph Farah was licensed with Gold Coast Securities, Inc. According to FINRA’s records, Joseph Farah was fired by Gold Coast Securities, Inc. on September 15, 2015. Gold Coast Securities, Inc. reported to FINRA that Joseph Farah’s firing was related to FINRA allegations that Joseph Farah was a partial owner of an outside business without notice to and approval by the firm in violation of FINRA Rules 2010 and 3270. FINRA alleges that the representative had discretionary authority over a customer’s account at another broker-dealer without notifying the firm of his affiliation in violation of FINRA Rule 2010 and NASD Rule 3050.
FINRA also reports that Joseph Farah has been named a respondent in a FINRA complaint alleging that Joseph Farah willfully violated Section 10(b) of the Exchange Act, Rule 10b-5 thereunder, and FINRA Rules 2020 and 2010 by churning a customer’s account. The complaint alleges that Joseph Farah, with scienter, engaged in a manipulative, deceptive and fraudulent scheme. Joseph Farah acted with intent to defraud or, at the very least, with reckless disregard of the customer’s interests, according to FINRA. FINRA alleges Joseph Farah knew that the customer had a limited income and net worth, no investment experience, was supporting her children, and unable to tolerate significant loss. FINRA also alleges Joseph Farah nonetheless, day-traded her account with the entire attendant risks and costs. According to FINRA, Joseph Farah also did this without discussing any transactions with the customer.
The FINRA complaint also alleges that Joseph Farah engaged in excessive and unsuitable trading in the customer’s account. The trading was, as evidenced by the number of trades, the extraordinary turnover rate, and the cost-to-equity ratio, excessive and inconsistent with the customer’s investment objective and financial situation, according to FINRA.
If you lost any money on investments with Joseph Farah, you may be able to recover your losses from Gold Coast Securities, Inc. This is because Gold Coast Securities, Inc. had a duty to supervise Joseph Farah.
If you lost money on investments with Joseph Farah and believe that the investments may have been unsuitable or otherwise improper for you, we would like to discuss the possibility of your retaining our firm to represent you in an arbitration action against Gold Coast Securities, Inc. concerning Joseph Farah’s conduct. There is no charge for an evaluation of your case. Further, we handle our cases on a contingency fee basis. This means that unless we recover money for you, we charge no attorney’s fee. Unless you recover any money, you pay us nothing, not even the costs and expenses which the firm will advance on your behalf.
Kalju Nekvasil, Esq., formerly regional counsel with the NASD, now known as FINRA, has practiced in this area of the law for more than 35 years. Goodman & Nekvasil, P.A. has recovered more than $170 million damages on behalf of victimized investors. We would like to discuss the possibility of your retaining our firm to represent you in an arbitration action against Gold Coast Securities, Inc.
If you lost money on investments with Joseph Farah and would like your case evaluated by a securities attorney (again, there is no charge for an evaluation and all cases are handled on a purely contingency fee basis), please contact us.
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