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Former LPL Financial's Mehrdad Farhat Fined, Suspended for Undisclosed Outside Business Activity

FINRA suspended former broker and current financial advisor Mehrdad Michael Farhat of West Hollywood, California failing to disclose his involvement in commodities trading outside the scope of his employment with then-employer LPL Financial, LLC.

FINRA Case #2012032484602

According to the findings, Farhat engaged in and received compensation from an undisclosed outside business activity that traded commodities and futures contracts for customers.

Farhat allegedly did not provide prior written notice to or receive approval from LPL before engaging in this profitable (for him) conduct, which the investigation states netted him commissions and other compensation totaling $33,407.66.

FINRA charged Farhat with providing false information to his firm when, on an annual compliance questionnaire, Farhat failed to disclose the aforementioned outside business activity with LPL. When LPL initiated a branch audit and discovered Farhat's omission, the firm terminated his employment. Farhat then maintained an association with First Allied Securities, Inc. (Beverly Hills, CA).

Investigators found that Farhat had become associated with the non-FINRA-member Commodity Trading Advisor firm, Opes Capital Group LLC, which was founded by Joshua Farahi, who was a former colleague of Farhat at LPL.

According to the Opes Capital Group company website, Farhat maintains the role of principal at that firm using his middle name, Michael.

If you have invested with Mehrdad Farhat or with any broker or investment adviser whose failure to disclose outside business activities that could pose a conflict of interest with recommendations or money management has result in losses or otherwise proven harmful to your investments or interests, please call The Law Offices of Jonathan W. Evans & Associates at (800) 699-1881 for investigation and consultation.

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The Law Offices of Jonathan W. Evans & Associates - California Securities Fraud Attorney
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Phone: (800) 699-1881 | Local Phone: (818) 760-9880.
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