FINRA Expels Broker and Fines Brokerage Firm

FINRA has fined Miami-based securities brokerage firm NSM Securities and expelled West Palm Beach-resident Naveen K. Bhagwani. According to FINRA, Bhagwani and another broker made hundreds of unauthorized trades, churned customer accounts, and recommended unsuitable investments to customers.

Bhagwani also apparently forged customer signatures to cover-up his misconduct. Bhagwani generated more than $200,000 in commissions from his improper trades, all while his customers were losing money. FINRA found that brokerage firm NSM’s president, founder, owner, and CEO, Niyukt Bhasin, placed his interests in profits ahead of customers’ best interests and failed to properly supervise Bhagwani.

If you believe you are a victim of stockbroker misconduct, contact investment fraud lawyers for a consultation. With offices in Los Angeles, New York City and Miami, investment fraud lawyers at Dimond Kaplan & Rothstein, P.A. are available for in-person consultations. Contact us today to set up an appointment.

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