June 2019 – Melville, NY
According to publicly available records, Ahmad Wares, a financial advisor previously with Laidlaw & Company discloses 1 pending and 9 prior customer disputes, and a termination from employment.
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 FINRA Case 13-00649, a customer of Wares’ prior employer EKN Financial Services, Inc. was paid $46,984.84 to resolve allegations of unauthorized trading, unauthorized use of margin, excessive and improper trading and churning.
From April 2001 to November 2015, Wares had 7 customer complaints alleging unauthorized trading, failure to follow instructions, churning, unsuitability, common law fraud, fraud in violation of federal securities laws, negligence, negligent supervision, liability, breach of contract, breach of fiduciary duty and unjust enrichment.
These cases were brought by customers of his previous employers – First Midwest Securities, Inc., GBI Capital Partners, Inc., EKN Financial Services and Laidlaw & Company (UK). The monetary settlements were nearly $400,000 of which $155,350 was paid by Wares personally.
In currently pending FINRA case 18-01055 , a Salomon Whitney Financial customer alleges churning, negligence, unsuitability, unauthorized trading and breach of contract and is seeking damages of $195,132 .
In 2009, Wares was discharged from First Midwest Securities, Inc., after allegations that he failed to respond to client complaint and left the firm owing money due to a negative balance of $112,415 in a client account.
Wares has been employed by Worden Capital Management since April of 2017, He was employed with Salomon Whitney Financial from December 2015 until March 2017. Prior to that he was with Laidlaw & Company and EKN Financial Services, Inc.
If you have questions about an investment account handled by Ahmad Wares contact us for a no charge consultation to learn about your legal options for recovery of damages.
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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