Tony Barouti (also known as Ahmad Agha Barouti), a registered broker with Emerson Equity, LLC, has been accused of misconduct in multiple customer disputes. Barouti allegedly recommended and sold investment in GWG Holdings, Inc. L Bonds. GWG Holdings recently filed for Chapter 11 Bankruptcy protection in the Southern District of Texas. Aggrieved investors are encouraged to contact an attorney as soon as possible to determine their legal options.
At Meyer Wilson, we provide legal representation for investors who have suffered financial loss due to investment fraud or broker misconduct. Our trial lawyers work tirelessly to hold brokerage firms and their representatives accountable for their wrongdoing.
If you or someone you know invested with Tony Barouti or another broker who recommended GWG L Bond investments, contact our office at (614) 532-4576 for a free consultation.
The Financial Industry Regulatory Authority (FINRA) provides detailed information about registered brokers, including any customer disputes. The information is available through FINRA’s BrokerCheck. Barouti’s BrokerCheck report indicates that he has been the subject of 5 public disclosures, all of which are customer disputes. Three disputes are currently pending.
The earliest pending customer dispute alleges that Barouti failed to disclose material facts, risks, and the speculative nature of an investment recommendation. The customer has requested damages in the amount of $1,270,000.
A second customer dispute filed in march 2022 alleges similar wrongdoing. The customer has requested damages of $100,000. A final dispute filed by a customer in April 2022 makes several allegations, including breach of fiduciary duty, negligence, negligent misrepresentation, breach of contract, and overconcentration. The customer has requested damages in the amount of $185,000.
It is believed that Barouti, while a registered broker with Emerson Equity, recommended and sold GWG L Bonds. The investment was likely unsuitable for the average investor and resulted in significant losses. The SEC has previously stated that GWG L Bonds were unsuitable for customers who had moderate-conservative or moderate risk tolerances and that the investments were highly risky. GWG Holdings, Inc. has recently filed for Chapter 11 bankruptcy protection making it difficult for harmed investors to recover losses directly from them.
GWG Holdings investors may be entitled to relief through FINRA arbitration against brokerage firms that failed to supervise their representatives' recommendation of these speculative, illiquid products and the brokers that did not adequately disclose the risks associated with the L Bond sales.
Did you invest in GWG Holdings L Bonds after recommendation by Tony Barouti or another broker? Contact our office at (614) 532-4576 for a free, no-obligation consultation. Harmed investors may be entitled to recovery through arbitration or litigation. Do not wait; call our office today to determine your legal options.