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Centaurus Financial, Inc. Broker Atul Makharia Accused of Unsuitable Investment Recommendations

Posted on Tuesday, June 23rd, 2020 at 8:43 pm    

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Erez Law is currently investigating Centaurus Financial, Inc. broker Atul Makharia (CRD# 5070762) regarding unsuitable investment recommendations. Makharia has been registered with Centaurus Financial, Inc. in Lexington, South Carolina since 2015.

Makharia has been the subject of eight customer complaints between 2017 and 2020, one of which was closed without action, according to his CRD report:

March 2020. “During the period 2017 through 2018, the customer alleges that the Registered Representative over concentrated her investment(s) in unsuitable, complex, high-risk, speculative and illiquid investments.” The customer is seeking $150,000 in damages in this pending complaint. The complaint is regarding corporate debt and CDs and took place while Makharia was registered with Centaurus Financial, Inc.

February 2020. “The customer alleges that the Registered Representative invested his account(s) in unsuitable investments and breached his fiduciary duty. No dates of alleged activity were disclosed in the Statement of Claim.” The customer is seeking $100,000 in this pending complaint. The complaint is regarding corporate debt and real estate securities and took place while Makharia was registered with Centaurus Financial, Inc./J.P. Turner and Company. 

November 2019. “The customers allege that the Registered Representative recommended unsuitable investments and breached his fiduciary duty. No dates are provided within the Statement of Claim.” The customer is seeking $160,000 in this pending complaint. The complaint is regarding corporate debt and CDs and took place while Makharia was registered with Centaurus Financial, Inc.

August 2019. “During the period 2018 through May 2019, [REDACTED] alleges that the Registered Representative over concentrated her investment(s) in unsuitable, complex, high-risk, speculative and illiquid investments.” The customer is seeking $600,000 in damages in this pending complaint. The complaint is regarding corporate debt and CDs and took place while Makharia was registered with Centaurus Financial, Inc.

June 2019. “Between 2015 and 2018, the Customer alleges that the financial advisor misrepresented, recommended unsuitable investments and breached his fiduciary duty.” The customer is seeking $100,000 in this pending complaint. The complaint is regarding corporate debt and took place while Makharia was registered with Centaurus Financial, Inc./J.P. Turner and Company. 

November 2018. “Customer primarily alleges that the financial advisor recommended unsuitable investments and several other allegations associated therewith.” The customer sought $200,000 in damages and the case was settled for $35,180. This case was regarding corporate debt. 

October 2018. “The customers allege their investments were unsuitable.” The customer is seeking $333,000 in damages and the case is currently pending. This case is regarding corporate debt. 

Pursuant to FINRA Rules, member firms are responsible for supervising a broker’s activities during the time the broker is registered with the firm. Therefore, Centaurus Financial, Inc. may be liable for investment or other losses suffered by Makharia’s customers.

Erez Law represents investors in the United States for claims against brokers and brokerage firms for wrongdoing. If and have experienced investment losses, please call us at 888-840-1571 or complete our contact form for a free consultation. Erez Law is a nationally recognized law firm representing individuals, trusts, corporations and institutions in claims against brokerage firms, banks and insurance companies on a contingency fee basis.