Investment losses can be a devastating blow, particularly when they involve significant amounts of retirement savings. Recent regulatory disclosures have raised serious alarms regarding Chris Kazan, a financial professional in White Plains, New York. Public records indicate that Kazan is the subject of high-value pending arbitration claims involving allegations of unsuitable recommendations and a failure to disclose critical financial information.
For many investors, these “red flags” signal a breakdown in the trust necessary to manage a portfolio. If you or a loved one have suffered significant financial setbacks while working with Chris Kazan or National Securities Corporation, you may have legal avenues for recovery. Our team of alternative investment loss attorneys at Meyer Wilson Werning can help you determine whether your losses are the result of actionable misconduct or supervisory failures.
What the $1.5 Million Investor Complaint Against Chris Kazan Alleges
According to public records from FINRA’s BrokerCheck, a customer filed a pending dispute on April 18, 2022, seeking $1,500,000.00 in damages. The core of the complaint alleges that while serving as a representative of National Securities Corporation, Chris Kazan recommended an unsuitable private placement. Furthermore, the filing claims that the broker failed to disclose commissions tied to the investment, a significant red flag for potential conflicts of interest.
This was quickly followed by another pending matter on May 11, 2022, where an investor requested $200,000.00 after alleging that the investments Kazan recommended were not suitable for their financial goals. These types of “suitability” claims often center on whether a financial professional ignored a client’s risk tolerance, age, or income needs to pursue higher-earning opportunities for the firm.
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A Disciplinary History of Settlements and Discharge
The recent multi-million dollar claims are not the first time Chris Kazan (CRD# 2966876) has faced scrutiny over his sales practices. His professional record includes several disclosure events that highlight ongoing concerns about his conduct at previous firms:
- Maxim Group LLC Termination: On September 24, 2015, Kazan was discharged (fired) from Maxim Group LLC. The firm officially reported that the termination followed customer allegations regarding unsuitable transactions.
- $85,000 Unsuitability Settlement: Just one month prior to his termination, a customer dispute from August 2015 settled for $85,000.00. The investor alleged that Kazan had recommended unsuitable securities over a three-year period.
- Failure to Execute Order: A 2004 dispute settled for $9,000.00 after allegations that Kazan failed to execute a purchase order as requested by a client.
These recurring allegations of “unsuitability”—recommending products that carry more risk than an investor can reasonably handle—suggest that National Securities Corporation and Maxim Group LLC may have failed in their duty to properly supervise Kazan’s activities.
Risk Signals for Clients of National Securities Corporation
Brokerage firms are legally required to maintain robust supervisory systems to protect their clients. When multiple complaints arise, it often indicates a failure to monitor the broker’s daily activities or a disregard for “red flags” in their trading patterns. For investors, the presence of unsuitability allegations and non-disclosure of commissions are serious indicators that their best interests were not the priority.
Chris Kazan has 23 years of experience and is licensed in 15 states, including New York, Florida, California, and Texas. Despite this long tenure and his qualifications—which include the Series 24 (General Securities Principal) and Series 65 exams—his record continues to be impacted by significant damage claims.
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How Meyer Wilson Werning Supports Investment Fraud Victims
At Meyer Wilson Werning, our priority is holding negligent firms and brokers accountable for the financial damage they cause. We have the resources and experience to analyze complex private placements and verify if a broker like Chris Kazan followed the necessary industry rules and disclosure requirements.
If you experienced losses connected to National Securities Corporation or Chris Kazan, contact us today for a free and confidential consultation to explore your path forward and protect your financial future.
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Frequently Asked Questions
What is the current status of the $1.5 million claim against Chris Kazan?
As of the most recent BrokerCheck data, the $1,500,000.00 complaint remains pending. It involves allegations of an unsuitable private placement and a failure to disclose commissions while Kazan was with National Securities Corporation.
Was Chris Kazan fired from his previous firm?
Yes. Kazan was discharged from Maxim Group LLC in September 2015. The firm stated the termination was the result of customer allegations involving unsuitable transactions.
What are the common red flags in Chris Kazan’s record?
Key warning signs include a history of unsuitability allegations, a termination for cause, and multiple settlements related to unsuitable securities and failure to execute orders.
Can I recover money if my broker didn’t disclose commissions?
Yes. Under industry rules, brokers have a duty to provide transparent information about costs. Failure to disclose commissions, especially on complex products like private placements, can be grounds for an arbitration claim.
How do I file a claim against National Securities Corporation?
Most investors pursue recovery through the arbitration process. An experienced securities lawyer can help you gather your account statements, identify misconduct, and file a Statement of Claim to seek compensation for your losses.
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