Neemit M. Shah (Neemit Shah) – Financial Advisor/Broker Neemit Shah Suspended from Securities Industry | Goodman & Nekvasil, P.A. May Recover Investor Losses
Neemit M. Shah (Neemit Shah) CRD #4812480
Neemit Shah was a previously licensed financial advisor with Northwestern Mutual Investment Services, MML Investors Services, LLC and NYLife Securities LLC. According to Neemit Shah’s BrokerCheck report, Neemit Shah was suspended from the securities industry for six months and fined $5,000 in October 2020.
According to FINRA Allegations:
From March through April 2016, Shah engaged in two undisclosed and unapproved private securities transactions in the total amount of $408,000. Shah’s conduct violated FINRA Rules 3280 and 2010.
From March through April 2016, Shah solicited investors to purchase securities in Future Income Payments, LLC. FIP represented itself as a structured cash flow investment, claiming to purchase pensions at a discount from pensioners and then selling a portion of those pensions as a “pension stream” to investors. FIP generally promised investors a 7% to 8% rate of return on their investment. During the Relevant Period, Respondent sold $408,000 in FIP purchase agreements to two investors, both of whom were customers of his employer member firm. Respondent received a total of $8,160 in commissions in connection with these transactions.
At all times during the stated period, Respondent’s employer member firm prohibited its registered representatives from participating in private securities transactions without prior written approval from the firm. Respondent did not provide notice to his firm prior to participating in the transactions involving FIP, nor did he obtain approval from the firm. Respondent’s failure is aggravated by the fact that he made one false attestation to his firm that he did not participate in private securities transactions.
In April 2018, FIP ceased business, owing nearly $300 million in unpaid investor payments. In a March 12, 2019 indictment, the United States charged FIP and its owner, Scott A. Kohn, with conspiracy to engage in mail and wire fraud related to FIP’s operations.
Goodman & Nekvasil P.A. May Recover Investor Losses
If you lost money on investments with Neemit Shah and believe 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 concerning Neemit Shah’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 $180 million on behalf of victimized investors. If you lost money on investments with Neemit Shah 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.
Some of the information in this blog post was obtained on 10/8/2020 directly from FINRA BrokerCheck, without any changes. If you believe this information was reported incorrectly, please contact our firm at 1-800-500-4442.