Securities Lawyers Blog
According to BrokerCheck records kept by The Financial Industry Regulatory Authority (FINRA) broker Mohamed Yassin (Yassin) has been subject to at least two customer complaints, one employment termination for cause, and two regulatory matters during his career. Yassin is formerly employed by Morgan Stanley and National Securities Corporation (National Securities). The customer complaints against Yassin concern allegations of high frequency trading activity also referred to as excessive trading or churning.
In October 2018 FINRA alleged that Yassin failed to comply with an arbitration award or settlement agreement or to satisfactorily respond to a FINRA request to provide information concerning the status of compliance which triggered an industry bar and suspension.
In June 2017, Morgan Stanley discharged Yassin claiming that he failed to verbally confirm transactions prior to execution in clients’ accounts.
In April 2017 a customer filed a complaint alleging that Yassin violated the securities laws including excessive trading from 2012 until 2016 causing $2 million in damages. The claim settled for $602,717.