Have you suffered investment losses as a result of your dealings with former Sterne Agee Financial Services broker, Dean Mustaphalli? If so, The White Law Group may be able to help recovery some of your losses.
According to Investment News, Mustaphalli may be expelled from the industry for allegedly operating a $6 million hedge fund without informing his employer. The Financial Industry Regulatory Authority (FINRA) accused Mustaphalli of soliciting money for his fund, Mustaphalli Capital Partners, and receiving commissions over a six month period in 2011.
According to Investment News, Mustaphalli earned more than $41,000 in fees from the hedge fund, which has declined an estimated 90%. It’s unclear from the report whether Mustaphalli investors were Sterne Agee customers.
When a broker solicits investments that are not approved by his/her brokerage firm, the act can be considered “selling away.” If proven, the brokerage firm can still be liable for negligent supervision and responsible for investment losses.
If you are concerned about your dealings with Dean Mustaphalli, please contact the securities attorneys of The White Law Group at (312) 238-9690 for a free consultation.
The White Law Group, LLC is a national securities fraud, securities arbitration, investor protection, and securities regulation/compliance law firm with offices in Chicago, Illinois and Vero Beach, Florida.
For more information on The White Law Group, visit www.WhiteSecuritiesLaw.com.