Securities Lawyers Blog
According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Moghis Mohammad (Mohammad), previously associated with Ameriprise Financial Services, Inc., has at least one disclosable event. These events include one regulatory event, alleging that Mohammad recommended unsuitable investments in different investment products including debt securities among other allegations and complaints.
FINRA BrokerCheck shows a final customer complaint on August 21, 2024.
S-19-2806-24-CO03 \\u2013 Moghis Uddin Mohammad \\u2013 Consent Order\, On August 21, 2024, the Securities Division entered into a Consent Order with Moghis Uddin Mohammad (CRD # 4912020) (\\u201cUddin\\u201d). This Consent Order resolves a previous Statement of Charges alleging violations of the Securities Act of Washington that involved breaching a fiduciary duty to clients; engaging in acts, practices, or courses of business which operate as a fraud or deceit; and making untrue or misleading statements or omissions when trading clients\\u2019 assets.\, Uddin helped manage the assets of a mostly-Washington state-based clientele concentrated in King and Snohomish counties. His clients ranged from early career investors to those in or near retirement. He helped cause millions of dollars in client losses through risky, high frequency trading strategies and holding client assets in leveraged ETFs for extended periods of time. Uddin did so regardless of their clients\\u2019 risk profiles, and used this strategy across client assets without disclosing the risks to their clients and while telling clients that their individual investment strategies were tailored to their specific needs. As clients began to complain about the losses in their accounts, the Respondent blamed political or macroeconomic events for these losses despite the fact that losses were at a multiple to that the market experienced as a whole. \, In the Consent Order, Uddin neither admitted nor denied the Securities Division\\u2019s Findings of Fact and Conclusions of Law. Uddin agreed to cease and desist from violations of the Securities Act of Washington and pay a fine, which has been suspended pending bankruptcy proceedings. The Consent Order also mandates that any investment adviser representative, broker-dealer, or securities salesperson registration that the Respondent May seek in the future should be denied. Uddin waived his right to request a hearing and to judicial review of this matter.\, \,
