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An eminent financial professional, Viqas Akhtar (CRD# 5624412), is under scrutiny for supposed unauthorized trading and overtrading – practices that have plunged him into serious investor disputes. If you’re considering investing, or are already dealing with Akhtar, this development could have significant implications for you.
Allegations of Trading Violations
The winds of concern began to blow in 2023 when two sets of investors claimed that Akhtar had made unauthorized transactions and advised investments unsuitable for their profiles. Echoing similar sentiments, they also complained about overtrading. While the claims persist, these disgruntled clients are seeking damages amounting to over $192,000.
But this is not the first time Akhtar has been under such a cloud. In 2019 and 2020, three different investor parties filed complaints with his former member firm pointing out unsuitable recommendations and unauthorized trading. The sum total of settlements reached to resolve these issues was $84,000.
Market Manipulation: A Persistent Issue
Akhtar disputed the allegations of suitability violations by stating that all investments were chosen based on the client’s stated objectives. He further indicated his intent to vigorously fight these allegations. While it’s crucial to respect the principle of “innocent until proven guilty”, it’s also equally important for prospective investors to understand the propensity and impact of overtrading and churning.
Chris Kelly, a FINRA official, clearly explains that excessive trading refers to a broker carrying out an unusually high volume of trades to garner commissions for the broker rather than to benefit the customer. Such activity, often tagged as ‘churning’, can disrupt a customer’s investment objectives and interests severely. Consequently, experts encourage investors to analyze account records meticulously and look out for high-volume transactions or unusual charges.
About Viqas Akhtar’s Career
Akhtar has been in the industry since 2009, having commenced his career at Rockwell Global Capital’s branch office in Lake Mary, Florida. Shortly after, he moved to VFinance Investments in Miami in 2012 and then to National Securities Corporation where he worked until 2022. The broker is currently registered with B. Riley Wealth Management’s Miami office, overall boasting 13 years of experience. He has passed one state securities law exam and two general industry/product exams.
If you’re a current or former client of Akhtar and have concerns about your investment portfolio, don’t fret. Remember, as an investor, you have rights, and these can be defended. If you suspect that your accounts weren’t diversified adequately, or if certain risks or fees were not disclosed, you may be qualified to pursue a FINRA arbitration claim.