FINRA Reportedly Bars Farid Morim, Former JP Morgan Financial Advisor
According to the Financial Industry Regulatory Authority (FINRA) on February 23, the regulator has barred financial advisor Farid Morim (CRD #5023477, Los Angeles, California) from the securities industry.
FINRA announced in the April 2018 Disciplinary Report that an OHO decision became final in which Morim was reportedly barred from association with any FINRA member in all capacities. The sanction was based on the findings that Morim allegedly failed to produce information and documents requested by FINRA during the course of an investigation.
According to the announcement, FINRA was allegedly investigating the possibility of potential conversion of customer assets and undisclosed outside business activities while Morim was associated with his member firm, JP Morgan.
According to his FINRA BrokerCheck report, Morim was registered with JP Morgan in Beverly Hills, CA from October 2012 until he left the firm in October 2015. Morim has six disclosure events listed on his broker check report.
For FINRA’s full findings see FINRA Case #2015047528202.
Investigating Potential Claims
The White Law Group is investigating potential claims regarding the liability that Morim’s employers may have for failure to properly supervise him.
Brokers are prohibited from engaging in underhanded businesses practice, like churning or unauthorized trading. They have a fiduciary duty to make investment recommendations that are consistent with the clients net worth, investment experience and objectives. Risk tolerance, age, and liquidity needs also need to be considered.
When brokers abuse client accounts and conduct transactions that violate securities laws, the brokerage firm they are working with may be liable for investment losses through FINRA Arbitration.
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 your investments with Farid Morim, the securities attorneys of The White Law Group may be able to help you. For a free consultation with a securities attorney, please call our offices 888-637-5510.
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 Franklin, Tennessee.
For more information on The White Law Group, visit www.WhiteSecurtiesLaw.com.
