Coastal Equities Financial Advisor, Sam Aziz, Under FINRA Investigation For, Among Other Things, Alleged Suitability Violations And Excessive Trading
Sam Aziz is a former Financial Advisor at David Noyes & Co. and Coastal Equities, Inc. in Dublin, Ohio. Sam Aziz has been in the securities industry since 1987 and previously worked at Wells Fargo and Stifel Nicolaus.
According to publicly available records released by the Financial Industry Regulatory Authority (FINRA), on October 24, 2018, FINRA initiated an investigation against Sam Aziz for:
“Investigation Matter Number 2017052325701: On October 24, 2018, FINRA made a preliminary determination to recommend that disciplinary action be brought against Sam Aziz, alleging that Sam Aziz made potential violations, specifically: FINRA Rules 2111 and 2010 (excessive trading and unsuitable recommendations of the use of margin); FINRA Rule 2010 (attempting to settle away a customer’s complaint); and FINRA Rules 4511 and 2010 (use of an undisclosed personal email account and text messages to conduct securities business).”
After the investigation was disclosed, Sam Aziz was discharged by his then broker-dealer, David A Noyes & Co.
In addition to the regulatory and employment disclsosures, Sam Aziz has been the subject of three customer complaints during his career, including the following:
- August 2017—”Claimant alleges that from December 2012 and September 2015 the F.A., without prior authorization, purchased unsuitable securities and churned his account(s).” The dispute was settled for $210,000.
- April 1997—”COMPLAINANT ALLEGES THAT AZIZ WAS NOT SERIES 3 REGISTERED YET HE HANDLED THE ACCOUNT, THAT HE BREACHED HIS FIDUCIARY DUTY TO COMPLAINANT AND THAT HE INDUCED HER TO BORROW MONEY TO CONTINUE TRADING. DAMAGES SOUGHT WERE AMENDED TO $76,000.00.” The dispute was settled for $39,000.
- April 1997—“CUSTOMERS ALLEGED UNSUITABILITY AND UNAUTHORIAZED TRADING IN REGARD TO THEIR ACCOUNT. DAMAGES ALLEGED: $240,000 CAPITAL LOSSES ($140,000 NET LOSSES).” The dispute was settled for $75,000.
For a copy of the Sam Aziz’s CRD, click https://brokercheck.finra.org/individual/summary/1721932#disclosuresSection
Financial advisors have a legal and regulatory obligation to recommend only suitable investments that are appropriate for their clients’ needs and objectives. Their employing brokerage firm has a legal and regulatory obligation to supervise the Financial Advisors’ sales practices and dealings with clients. To the extent any of these duties are breached, the customer may be entitled to a recovery of his or her investment losses.
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