Between February 2019 and July 2019, investment adviser Rawad Alame, also known as Rawad Roy Alame and Roy Rawad Alame, allegedly participated in private securities transactions involving his management of a customer’s securities account held at another firm, while he was associated with Merrill Lynch, according to FINRA’s Letter of Acceptance, Waiver and Consent (AWC), under review by attorney Alan Rosca.
Investor rights attorney Alan Rosca of the Rosca Scarlato LLC law firm is investigating the alleged participation of Rawad Alame in private securities transactions. Investors who are concerned about their investment with Rawad Roy Alame are encouraged to contact attorney Alan Rosca with any useful information or for a free case evaluation and discussion of recovery options. Call 888-998-0530, via email at arosca@rscounsel.law, or through the contact form on this webpage.
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FINRA Has Suspended and Fined Rawad Alame for Allegedly Executing 36 Transactions in Options Securities
According to the AWC, Rawad Roy Alame allegedly recommended that his customer open a brokerage account at another firm while he was associated with Merrill Lynch. Alame allegedly recommended and executed 36 transactions in option securities in the customer’s account, including $578,246 in option purchases.
Investment adviser Rawad R. Alame allegedly received at least $2,700 in compensation for his purchase and sale in the brokerage account which later resulted in $107,195 in losses, the AWC states.
Alame allegedly did not provide written notice to Merrill Lynch or obtain approval from the firm prior to participating in these private securities transactions in the brokerage account.
In April 2019, during Merrill Lynch’s compliance questionnaire, Alame falsely certified that within the last twelve months, he was not paid by any client for business conducted outside of Merrill Lynch and he was allegedly not given access to nor had any knowledge of any client’s passwords to log into a brokerage account, and he allegedly did not participate in any accounts with clients that were not approved by the firm, the AWC reports.
On December 18, 2020 Rawad R. Alame, without admitting or denying the allegations, agreed to and signed the Acceptance Waiver and Consent order issued by FINRA which suspended him in all capacities for six months. In addition to the suspension, he was also issued a $5,000 fine and disgorgement of $2,700 plus interest. The suspension will continue until July 3, 2021.
Investors who are concerned about their investment with investment adviser Rawad Alame are encouraged to contact investor rights attorney Alan Rosca for a free, no obligation case evaluation and discussion of recovery options, or to provide any useful information. Call 888-998-0530, via email at arosca@rscounsel.law, or through the contact form on this webpage.
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Rawad Alame Was the Subject of One Customer Dispute Disclosure
According to Alame’s FINRA Brokercheck page, he was the subject of one customer dispute disclosure that was filed in July 2019. The customer alleged selling away and requested $138,000 for the alleged damages. In January 2020, the customer received a settlement to the tune of $114,545.96.
The team of investor rights attorneys at the Rosca Scarlato LLC law firm, led by attorney Alan Rosca, is investigating investment adviser Rawad Alame’s alleged participation in private securities transactions and broker misconduct. Investors are encouraged to call 888-998-0530, send an email to arosca@rscounsel.law, or fill out the contact form on this webpage for a free, no obligation consultation about their case.
Rawad Alame Has Been Registered with FINRA Since 2007
Roy Rawad Alame joined the securities industry with FINRA in 2007. His first employer was NYLife Securities located in Downers Grove, Illinois, he was employed there from November 2007 until February 2008. He then switched to Merrill Lynch, Pierce, Fenner & Smith located in Raleigh, North Carolina in March 2016 and remained there until May 2019, as reported on his FINRA Brokercheck page.
Starting August 2019, until December 2019, Alame was registered with Insight Advisors LLC, an investment adviser in Raleigh, North Carolina. According to his IAPD Report, as of the date of this article Rawad Roy Alame is a registered investment adviser with Gate Key Financial.
Finally, it is important to note that, as of the date of this article, there has not been a finding of liability as to the complaints or allegations mentioned in this article, unless otherwise indicated. Any reader should also read the original sources hyperlinked in this blog for accuracy, including any BrokerCheck report and/or record of any disciplinary or regulatory action. Those sources are incorporated by reference into the text of this blog, and are the governing materials in case of any inconsistencies or typos in this blog.
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Lost Money with Rawad Alame? Investor Rights Attorneys Might Be Able to Help
The Rosca Scarlato LLC law firm represents investors who lose money as a result of investment-related fraud or broker misconduct and is currently investigating conduct related to investment adviser Rawad Alame’s alleged participation in private securities transactions.
The firm takes cases of this type on a contingency fee basis; no fees or costs if no recovery; firm advances costs and investor is required to pay only if there is a recovery. Attorney Alan Rosca, a securities lawyer and adjunct professor of securities regulation, has represented thousands of victimized investors across the country and around the world in cases arising out of investment-related misconduct.
Investors who are concerned about their investment with Rawad Roy Alame may contact Alan Rosca for a free, no obligation evaluation of their recovery options, at 888-998-0530, via email at arosca@rscounsel.law, or through the contact form on this webpage.