Next Financial Discharges Stockbroker Bad Recommendations
Arshad Hussain of Jasper Alabama a stockbroker formerly employed by Next Financial Group Inc. has been discharged by the firm on March 14, 2018 based upon allegations that Hussain (1) effected short-term trades of investments that were designed for long-term investors and (2) misstated account applications and disclosure forms in order to conceal the customers’ funding source for investments.
This is not the first time that Hussain has been terminated by a brokerage firm founded on accusations of his misconduct. Particularly, he was discharged by Edward Jones on July 31, 2007 supported by allegations that he traded in customer accounts without authorization and failed to conform to the investment policy utilized by the firm.
Financial Industry Regulatory Authority (FINRA) Public Disclosure confirms that Hussain has been identified in three customer initiated investment related disputes containing accusations of Hussain’s misconduct during the time that he was registered with Edward Jones. For example, on January 27, 2007, a customer filed an investment related complaint regarding Hussain’s conduct where the customer requested $5,000.00 in damages based upon allegations that stocks were purchased and sold in the customer’s account without the customer’s consent.
On September 16, 2008, another customer filed an investment related complaint concerning Hussain’s activities in which the customer sought $5,000.00 in damages founded on accusations that an unauthorized corporate debt transaction was placed in the customer’s account. Moreover, on November 25, 2011, a customer filed an investment related complaint involving Hussain’s conduct where the customer requested more than $5,000.00 in damages supported by allegations that unauthorized and unsuitable equity trades were executed in the customer’s account.
The information contained herein has been obtained from reliable sources however may not be accurate and is not guaranteed by us. Readers are encouraged to undertake their own independent investigation and evaluation of the relevant facts. All claims and allegations are subject to adjudication, decisions may be subject to appeal, and no inference is intended, nor should any inference be made from any information contained herein from any source.
This posting and the information on our website is for general information purposes only. This content should be not considered legal advice, and any responses, comments, e-mails, other communications do not form any attorney client relationship. Attorney Advertisement. See Important Disclaimer
Guiliano Law Group
Our practice is limited to the representation of investors. We accept representation on a contingent fee basis, meaning there is no cost to you unless we make a recovery for you. There is never any charge for a consultation or an evaluation of your claim. For more information, contact us at (877) SEC-ATTY.
For more information concerning common claims against stockbrokers and investment professionals, please visit us at stockbrokerfraud.com
To learn more about FINRA Securities Arbitration, and the legal process, please visit us at securitiesarbitrations.com