Understanding the Impact of Unauthorized and Excessive Trading
Broker Viqas Akhtar (CRD #: 5624412), is currently registered with B. Riley Wealth Management. Akhtar has been the subject of nine customer disputes, according to his regulatory record.
One such allegation surfaced on November 8, 2023, with an investor seeking $192,995 in damages due to unauthorized transactions and excessive trading. Earlier, on July 1, 2023, an investor alleged that Viqas Akhtar recommended unsuitable investments and engaged in excessive trading. Additionally, there have been two settled disputes alleging that he recommended unsuitable investments, which collectively settled for $75,000.
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$350 Million for Our Clients Nationwide.
What Constitutes Excessive Trading?
Excessive trading, often termed “churning,” is not just unethical; it violates the standards of care in the investment industry. Industry rules mandate that investment recommendations align with the investor’s needs, considering that each trade bears transaction fees that can accumulate to the detriment of the investor.
Brokers must take into account several investor characteristics, including:
- Risk tolerance
- Time horizon (the intended investment duration)
- Investing experience
- Tax status
- Financial goals
If an investment does not match the established criteria of an investor’s profile, it may be deemed inappropriate. In cases where investors suffer investment losses due to the inappropriate recommendations, they may have the option to recover their losses by pursuing FINRA arbitration.
How Meyer Wilson Can Assist You
If you have worked with Viqas Akhtar and have concerns regarding the handling of your investments, Meyer Wilson invites you to reach out for support. You can contact us at 866-938-2021 or visit our website at investorclaims.com for a complimentary consultation.
Meyer Wilson has been at the forefront of advocating for investor rights for over two decades. Our dedication to representing investors exclusively on a contingency basis means we only receive a fee if we succeed in recovering funds on your behalf. Do not let potential securities fraud pass unchallenged. Let us help you begin the recovery process and strive to right the wrongs you may have endured in your investment journey.
Written by: Courtney Werning, Esq.
Recovering Losses Caused by Investment Misconduct.