Securities Lawyers Blog
The law offices of Gana Weinstein LLP are currently investigating claims that Broker Rajesh Markan (Markan) has been accused by investors of engaging in fraudulent misappropriation of their funds. According to records kept by The Financial Industry Regulatory Authority (FINRA), it appears that Markan was employed by Hilltop Securities Inc. at the time of the activity. If you have been a victim of Markan’s alleged misconduct our firm may be able to assist you in recovering funds.
FINRA BrokerCheck shows a pending customer complaint with a damage request of $300,000.00 on November 25, 2024.
Client alleges that she was solicited by her Financial Advisor to invest in an outside investment that was fraudulent. She also alleges misappropriation of funds.
FINRA BrokerCheck shows a pending customer complaint with a damage request of $500,000.00 on November 01, 2024.
Client alleges that he was solicited by his Financial Advisor to invest in an outside investment that was fraudulent. He also alleges misappropriation of funds.
FINRA BrokerCheck shows a pending customer complaint with a damage request of $1,000,000.00 on October 23, 2024.
Clients allege that they were solicited by their Financial Advisor to invest in an outside investment that was fraudulent. They also allege misappropriation of funds.
FINRA BrokerCheck shows a pending customer complaint with a damage request of $1,200,000.00 on October 23, 2024.
Clients allege that they were solicited by their Financial Advisor to invest in an outside investment that was fraudulent. They also allege misappropriation of funds.
FINRA BrokerCheck shows a final customer complaint on October 01, 2024.
Without admitting or denying the findings, Markan consented to the sanction and to the entry of findings that he refused to provide documents and information requested by FINRA as a part of its investigation into the circumstances giving rise to a Form U5 filed by his member firm. The findings stated that the Form U5 disclosed that Markan was under internal review at the firm for fraud or wrongful taking of property, or violating investment-related statutes, regulations, rules or industry standards of conduct.
FINRA BrokerCheck shows a pending customer complaint with a damage request of $200,000.00 on September 25, 2024.
Client alleges that she was solicited by her financial advisor to invest in an outside investment that was fraudulent.
FINRA BrokerCheck shows a pending customer complaint with a damage request of $420,000.00 on September 04, 2024.
Allegations that representative created a bogus hedge fund, bogus prospectuses and other materials to share with Claimants to solicit fraudulent investment.
FINRA BrokerCheck shows a pending customer complaint with a damage request of $200,000.00 on August 20, 2024.
Clients allege that they were solicited by their financial advisor to invest in an outside investment that was fraudulent.
We have a strong track record of advocating for victims of fraud when advisors obtain loans from clients or engage in securities sales via OBAs. In the financial industry, “selling away” refers to the sale of unapproved investment products, fake schemes that conceal stolen funds, and other fraudulent activities, representing a significant violation of securities regulations. “Selling away” is the term used in the industry when a financial advisor solicits investments in companies, promissory notes, or securities without obtaining approval from their affiliated brokerage firm. While a few of these investments might be valid, many end up as Ponzi schemes or involve advisors illegally converting client funds.
However, federal securities laws and the FINRA rules require firms to monitor and supervise its employees in order to detect and prevent brokers from offering investments in this fashion. To ensure proper supervision of brokers, firms must establish procedures for monitoring advisors’ actions and engagements with the public. Selling away misconduct often occurs where brokerage firms either fail to put in place a reasonable supervisory system or fail to actually implement that system. Supervisory failures allow brokers to engage in unsupervised misconduct that can include all manner improper conduct including selling away.
In cases of selling away the investor is unaware that the advisor’s investments are improper. In many of these cases the investor will not learn that the broker’s activities were wrongful until after the investment scheme is publicized, the broker is fired or charged by law enforcement, or stops returning client calls altogether.
Markan has been in the securities industry for more than 21 years. Markan has been registered as a Broker with Hilltop Securities Inc. since 2022.
Investors who have suffered losses are encouraged to contact us at (800) 810-4262 for consultation. At Gana Weinstein LLP, our attorneys are experienced representing investors who have suffered securities losses due to the mishandling of their accounts. Claims may be brought in securities arbitration before FINRA. Our consultations are free of charge and the firm is only compensated if you recover.
