Securities Lawyers Blog
According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Harshavardhan Pakhal (Pakhal), previously associated with Bofa Securities, Inc., has at least one disclosable event. These events include one tax lien, alleging that Pakhal recommended unsuitable investments in different investment products including debt securities among other allegations and complaints.
FINRA BrokerCheck shows a final customer complaint on September 26, 2024.
Without admitting or denying the findings, Pakhal consented to the sanctions and to the entry of findings that he engaged in OBAs without providing prior written notice to or receiving written approval from his member firm to engage in those activities. The findings stated that Pakhal began working for an international retail company as a director in the company’s corporate development department. Pakhal assisted with various investment projects that the company’s supervisors and managers were considering, including coordinating project activities and ensuring timely task completion. This company paid Pakhal approximately $530,000. While employed by this company, Pakhal incorrectly answered No on annual compliance certifications to questions asking whether he was involved in any OBA. Later, again without providing notice to his firm, Pakhal accepted a separate position as vice president of corporate development for a technology company. Pakhal’s responsibilities included preparing presentations for senior management and assisting with fundraising efforts. This employer paid Pakhal approximately $77,500. Pakhal’s firm discovered his employment with both companies when it reviewed a press release announcing his new position with the technology company. Pakhal initially denied to his firm that he had any outside employment, but he later admitted that the press release was accurate.
