FINRA Reportedly Bars Broker Mayur Dalal in connection with Alleged Outside Business Activities

According to public records, the Financial Industry Regulatory Authority (FINRA) has barred financial advisor Mayur T. Dalal (CRD #1853077) from the securities industry this week. Dalal reportedly refused to provide testimony in FINRA’s investigation regarding his alleged dismissal from his member firm, Kestra Investment Services. 

Mayur Dalal’s broker report indicates that he was registered with Kestra Investment Services in New Hyde Park, NY from June 2016 until February 2020 when he was discharged for allegations that he failed to follow the firm’s policy related to the disclosure of outside business activities and private securities transactions.

According to his broker profile, Dalal’s outside business activities include Muni Seva Charitable Foundation USA, Inc.

Dalal reportedly has one complaint filed against him in 2017 that was withdrawn, according to his broker profile. Client alleged “he was not properly informed of the fees and charges associated with the variable annuity he purchased in 2013.”

For FINRA’s full findings, see FINRA case number NO. 2020065664201.

Filing a Complaint against your Brokerage Firm

The White Law Group is investigating potential securities fraud claims involving Mayur Dalal 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, 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 Mayur Dalal and Kestra Investment Services, 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.