Investors Bring FINRA Arbitration Claims Against Securities America For Fraud
Jan Thomas Mohamed of Dallas Texas a stockbroker formerly registered with Securities America is referenced in a customer initiated investment related civil action brought in the District Court of Dallas County Texas in which the customer sought more than $5,000.00 in damages based upon accusations that deceptive and fraudulent insurance transactions were effected by the stockbroker between August of 2015 and December of 2018. Civil Action No. DC-19-17407 (Nov. 7, 2019). According to the claim, a fiduciary duty that was owed to the customer had been breached. The customer had allegedly been sold universal life insurance policies which were not suitable. The claim also alleges negligence and misrepresentation by Mohamed.
Mohamed has been referenced in two more customer initiated investment related disputes containing allegations of his violative conduct while employed by FSC Securities Corporation. FINRA Public Disclosure reveals that a customer initiated investment related arbitration claim involving Mohamed’s conduct was settled for $40,000.00 in damages supported by accusations including breach of contract and breach of fiduciary duty as well as Mohamed’s negligence. According to the claim, the customer had been fraudulently induced into purchasing insurance products by the stockbroker.
Another customer filed an investment related complaint involving Mohamed’s activities where the customer requested $159,318.88 in damages supported by allegations of Mohamed’s negligence with respect to the FSC customer’s defined benefit plan.
Mohamed’s registration with Securities America has been terminated as of January 16, 2020.