Sachin Kumar (Sachin Kumar) – Financial Advisor/Broker Sachin Kumar Suspended from the Securities Industry | Goodman & Nekvasil, P.A. May Recover Investor Losses
Sachin Kumar (Sachin Kumar) CRD #5295758
Sachin Kumar is a currently financial advisor/broker with Laidlaw & Company (UK) LTD. Sachin Kumar was a previously licensed financial advisor/broker with Morgan Stanley. FINRA reports that Sachin Kumar was fined $5,000 and suspended from the securities industry for one month in June 2020.
According to FINRA Allegations:
Sachin Kumar consented to the sanctions and to the entry of findings that Sachin Kumar directed a customer to sign a blank automated customer account transfer (ACAT) form that Kumar thereafter completed and submitted for the purpose of transferring the customer’s brokerage account at another firm to his member firm. The findings stated that Sachin Kumar and the customer met to discuss the potential of transferring brokerage accounts of the customer to the firm, where Sachin Kumar directed the customer to sign a blank ACAT form. The ACAT form was not completed or submitted at that time. At a later date, Sachin Kumar and the customer met again to discuss transferring a brokerage account to the firm. At that meeting, the customer handed Sachin Kumar the account statements to be attached to the previously executed ACAT form. Sachin Kumar, believing that the customer had already authorized the transfer of the account, completed the blank ACAT form and submitted it to the firm for processing. However, the customer emailed Sachin Kumar later that day and directed him not to transfer the account. By the time Sachin Kumar responded the following business day, the transfer had already been processed. In doing so, Sachin Kumar violated FINRA rule 2010 by causing a customer to sign incomplete or blank forms.
According to Sachin Kumar’s BrokerCheck Report, Sachin Kumar was discharged from Morgan Stanley in July 2019 based on allegations regarding (1) Sachin Kumar’s re-use of previously signed account transfer forms, (2) the addition of information onto the previously signed forms to initiate the transfer of some of the client’s accounts to the firm, and (3) Sachin Kumar’s failure to escalate the client’s concerns regarding the transfers. The client was in discussion with Sachin Kumar to transfer his accounts, but proper authorization was not obtained from the client to effectuate the transfer.
Goodman & Nekvasil P.A. May Recover Investor Losses
If you lost money on investments with Sachin Kumar 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 Sachin Kumar’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 Sachin Kumar 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 6/8/2020 directly from FINRA BrokerCheck, without any changes. If you believe this information was reported incorrectly, please contact our firm at 1-800-500-4442.
Sachin Kumar, Financial Advisor, Broker, Unsuitable Investment Advice, Investment Fraud, Churning, Misrepresentation and Omission of Material Facts, Elder Fraud, Unauthorized Trading, Theft, Selling Away, Unapproved Outside Business, Nationwide, SEC, Financial Advisor, Broker, Sachin Kumar