First Allied Securities, Inc. Financial Advisor Jeffrey Bahary Accused of Speculative Penny Stock Recommendations
Posted on Tuesday, April 9th, 2019 at 12:21 pm
Erez Law is currently investigating First Allied Securities, Inc. financial advisor Jeffrey Bahary (CRD# 1294796) regarding investment losses. Bahary has been registered with First Allied Securities, Inc. in Eatontown, New Jersey since 2008.
Bahary has been the subject of one customer complaint, according to his CRD report:
March 2019. “Claimant alleges his former financial advisor recommended investments that were not suitable for him. Claimant generally alleges unsuitability, breach of fiduciary duty, negligence, negligent supervision, and misrepresentation.” The customer is seeking $250,000 in damages and the case is currently pending. The case is regarding stocks issued by the failed retailer, Sears Holdings Corp., and a speculative penny stock, Odyssey Marine Exploration, Inc.
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, First Allied Securities, Inc. may be liable for investment or other losses suffered by Bahary’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.