According to FINRA’s Disciplinary and Other FINRA Actions publication, Naveen K. Bhagwani (CRD #5423037) of NSM Securities, Inc. was barred by FINRA for unauthorized trades in clients’ accounts without the knowledge, authorization, or consent of the clients or any persons with trading authority over the accounts.
FINRA alleged that Bhagwani engaged in unauthorized trading in seven accounts, churned and excessively traded five accounts, and recommended qualitatively unsuitable investments to two customers, and also misrepresented material facts to two customers.
In attempt to cover up his fraudulent practices, FINRA alleged that Bhagwani also created and forged his customers’ signatures on a letter that authorized the transfer of their funds.
According to FINRA’s Broker Check, Naveen K. Bhagwani has been permanently barred from acting as a broker or otherwise associating with firms that sell securities to the public. (See FINRA Disciplinary Proceeding No. 2011027667402)
Bhagwani was a registered broker in the securities industry for 3 years with the following firm(s):
NSM SECURITIES, INC. (Expelled by FINRA in 09/2014)
CRD #134357
WEST PALM BEACH, FL
10/2007 – 10/2011
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