Atul Makharia Investigation
Sold Variable Interest Rate Structured Products
July 2023-Lexington, SC
The FINRA records of Atul Makharia, currently employed by Centaurus Financial, disclose a regulatory event, 9 prior customer disputes and 2 pending customer disputes.
The Financial Industry Regulatory Authority (FINRA) is the agency that licenses and regulates stockbrokers and brokerage firms. FINRA requires brokers and brokerage firms to report customer complaints and disputes as well as regulatory sanctions. In addition brokers are required to disclose certain financial matters such as personal bankruptcies, judgments and liens.
In 2/2023 The United States Securities and Exchange Commission (SEC)filed case #3-21295 and sanctioned Makharia for the allegedly unsuitable sale of Variable Interest Rate Structured Products (VRSPs) to retail customers for whom such investments were unsuitable in light of each of he specific customers financial situations and needs. Makharia was suspended for six months beginning 2/20/23 and fined $35,000.
Makharia discloses that 8 cases brought by customers of his prior employers JP Turner aka Cetera Financial Group , and his current employer have been settled by cash payments totaling more than $275,000
Wrongdoing alleged by these customers includes:
- unsuitable investments in alternative investments
- breach of fiduciary duty
- over concentration of unsuitable, high risk, complex & speculative investments
There are currently two customer cases currently pending seeking damages for mismanagement and for the recommendation to invest in speculative, high risk and illiquid investments.
Did you lose money on Variable Interest Rate Structured Products?
Variable Interest Rate Structured Products (“VRSPs”) are complex, structured securities, typically issued by large well-known financial institutions, that offer guaranteed periodic fixed-interest rate payments, typically for one to three years. They may not be suitable for many investors, especially retirees and those seeking conservative investments.
If you have losses in an account handled by Atul Makharia call to learn how you may be entitled to collect damages through FINRA arbitration.
Rex Securities Law , with offices in Boca Raton, FL, and Austin, TX, provides representation to investors nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney.
Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.
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