Hossein Mohammad Yekani, of Woodland Hills, California, a stockbroker formerly registered with New England Securities, has been named in a customer initiated investment related written complaint on January 4, 2016, where the customer alleged that a variable life insurance policy purchased by the customer had been misrepresented.

Financial Industry Regulatory Authority (FINRA) Public Disclosure reveals that Yekani has been identified in twenty additional customer initiated investment related disputes regarding allegations of Yekani’s improper conduct during the time that he was associated with New England Securities. Specifically, on February 9, 2009, a customer initiated investment related written complaint involving Yekani’s conduct was settled for $2,661.55 in damages supported by allegations that Yekani completed a variable annuity application containing customer initials which had been forged.

In addition, a civil action was brought in the Superior Court of the State of California involving Yekani’s conduct that settled for $400,000.00 in damages, where the customers’ claims were based upon allegations that Yekani solicited the customer’s investments, convincing customers to take loans on their personal and business properties in order to finance their variable life insurance premiums. Case No. BC450293 (Oct. 31, 2013).

Subsequently, on June 27, 2011, a customer initiated investment related written complaint involving Yekani’s conduct was settled for $80,000.00 in damages based upon allegations that Yekani failed to completely disclose the risks relating to customers’ variable life insurance policies. On October 16, 2012, another customer initiated investment related complaint pertaining to Yekani’s activities was resolved for $7,500.00 in damages supported by allegations that Yekani made unsuitable investment recommendations to the customer concerning purchases of insurance policies.

Moreover, on April 4, 2014, a customer initiated investment related written complaint regarding Yekani’s activities was resolved for $18,435.00 in damages founded on allegations that Yekani made unsuitable variable annuity recommendations to the customer. Another customer dispute involving Yekani’s conduct was settled for $14,883.92 in damages on June 16, 2014, supported by allegations that the customer’s existing variable life insurance policy had been misrepresented by Yekani to induce the customer’s replacement of that policy with a new one.

Yekani’s employment with New England Securities was terminated on February 7, 2014.

Guiliano Law Firm

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