NJ Securities Bureau Reportedly Bars Broker Fadi Soliman after Allegations of Excessive & Unauthorized Trades
According to a revocation order, the New Jersey Bureau of Securities has revoked the registration of financial advisor Fadi Soliman (CRD #2740790) from the securities industry in October after he was reportedly suspended and barred by the Financial Industry Regulatory Authority (FINRA).
Fadi Soliman’s broker report indicates that he was registered with Ameriprise Financial Services in Red Bank, New Jersey from February 2014 until December 2017. He then worked for IBN Financial Services in Liverpool, New York until April 2019.
Apparently, FINRA’s suspension of Soliman and his subsequent bar was in connection with a customer complaint filed against him.
In 2018 a client of Soliman’s alleged that he was “charged inappropriate mutual fund sales charges without notification during an unspecified 6 month period.” The damage amount requested was $33,000. The claim was reportedly denied.
In September 2017, a Client’s attorney alleged “excessive, inappropriate, and unauthorized trades were placed within the client’s account from February 2014 until November 2016.” The damage amount requested was $48,500, and the case settled for $25,000, according to FINRA.
According to his broker profile, Soliman reportedly filed for bankruptcy in 2018 and it is pending.
Filing a Complaint against your Brokerage Firm
The White Law Group is investigating potential securities fraud claims involving Fadi Soliman and the liability his former employers may have for failure to properly supervise him.
Brokerage firms are required to adequately supervise their advisors. They must ensure they are complying with FINRA rules.
When brokers abuse client accounts and conduct transactions that violate securities laws, such as making unauthorized trades, the brokerage firm they are working with may be liable for investment losses. Brokerage firms that fail to monitor the business activities of their employees may be liable for investment losses due to negligent supervision for the misconduct of their employees.
If you are concerned about investments with Fadi Soliman, the securities attorneys at The White Law Group may be able to help you. Please call 888-637-5510 for a free consultation, or visit us on the web at www.whitesecuritieslaw.com.
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.