Sean Parikh – Financial Advisor/Broker Sean Parikh Suspended from Securities Industry | Recover Investment Losses

Sean Parikh – Financial Advisor/Broker Sean Parikh Suspended from Securities Industry | Goodman & Nekvasil P.A., May Recover Investor Losses

Sean Parikh a/k/a Kishan Parikh CRD #5506554

Sean Parikh a/k/a Kishan Parikh is a previously licensed financial advisor with Aegis Capital Corp.

According to FINRA, Sean Parikh was fined $10,000, ordered to pay restitution of $40,919, and suspended from the securities industry for 18 months in August 2021.

According to FINRA Allegations:

The sanctions were based on the findings that Parikh engaged in unsuitable and excessive trading. The findings stated that Parikh recommended active short-term trading to customers with the use of margin. None of the customers’ accounts were discretionary accounts, according to the member firm’s records. Yet Parikh decided which stocks to buy and sell in the accounts, as well as when and how much. In making these decisions, Parikh did not consider the cumulative trading costs incurred by the customers. Nor did he consider the interest costs associated with the use of margin, which permitted him to trade more often, but also increased the costs incurred by the customers. When Parikh contacted the customers before placing trades in their accounts, the customers relied on and followed his trading recommendations. Taken together, these facts show that Parikh controlled the customers’ accounts. The turnover rate, annualized cost-to-equity ratio, and frequent in-and-out trading in the customer accounts show that Parikh’s trading was excessive. This trading caused the customers losses of more than $33,000, while it generated gross sales credits and commissions of $179,112, of which Parikh received at least $89,000. The findings also stated that Parikh engaged in unauthorized trading by executing unauthorized trades, with a total principal value around $4.2 million, in the accounts of two customers. Firm telephone records show that Parikh did not call the customers on the dates of those trades. The decision became final August 4, 2021.

Goodman & Nekvasil, P.A. May Recover Investor Losses:

If you lost money on investments with Sean Parikh 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 Sean Parikh’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 $200 million on behalf of victimized investors. If you lost money on investments with Sean Parikh 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 8/19/2021 directly from FINRA BrokerCheck, without any changes. If you believe this information was reported incorrectly, please contact our firm at 1-800-500-4442.

 

 

 

 

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