Former Aegis broker Kishan Parikh (also known as Sean Parikh) is facing allegations of unsuitable recommendations and excessive trading in customer accounts, as reported in FINRA’s complaint filed with the Department of Enforcement, under review by attorney Alan Rosca.
Investor rights attorney Alan Rosca of the Rosca Scarlato LLC law firm is investigating conduct related to Kishan Parikh alleged unsuitable investment recommendations and excessive trading.
Investors who are concerned about their investment may contact attorney Alan Rosca or his colleagues for a free, no-obligation consultation and discussion of potential 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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FINRA Has Filed a Complaint Against Kishan Parikh
While associated with Aegis Capital, Parikh allegedly made unsuitable recommendations and excessively traded in the accounts of five customers between August 2014 and November 2016, as alleged in the Complaint.
The complaint further alleges Parikh executed 442 trades with a total principal value of about $31.1 million. Furthermore, this resulted in annualized turnover rates ranging from 10.9 to 199.8, as well as annualized cost-to-equity ratios ranging from 27.5% to 59.7%. In addition to a combined loss of more than $33,000.
Kishan Parikh’s alleged trading reportedly generated gross sales credits and commissions in the amount of $179,112. Furthermore, Parikh allegedly received at least $89,000, the complaint states.
In addition, Parikh also allegedly executed 53 trades with a total principal value of approximately $4.2 million in two of his customer’s accounts, without their authorization, as stated in the complaint.
Kishan Parikh Subject of Customer Disputes Alleging Unsuitability
A recent customer dispute filed with FINRA in February 2021 alleging unsuitable investments, according to his FINRA Brokercheck page.
Another customer filed a dispute in May 2017 alleging excessive trading and unsuitable investment recommendations. The customer was seeking $350,000 for the alleged damages and in September 2018, the customer received a settlement of $499,000.
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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Potential Options for Kishan Parikh Investors
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 previously registered Aegis broker Sean Parikh’s customer dispute disclosures alleging unsuitable investment recommendations and excessive trading.
The firm takes most cases of this type on a contingency fee basis and advances the case costs, and only gets paid for their fees and costs out of money recovered for clients. 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 ranging from arbitrations to class actions.
Investors who believe they lost money as a result of conducts related to unsuitable recommendations and excessive trading in customer accounts, may contact attorney Alan Rosca or his colleagues for a free, no-obligation case evaluation and discussion of potential options by calling 888-998-0530, via email at arosca@rscounsel.law, or through the contact form on this webpage.
