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FINRA Sanctions Davood Kohan for Improperly Settling Complaint Away from Firm

FINRA fined and suspended Davood Kohan (aka Kohanzadeh) for settling a customer complaint without notifying his firm, First Allied Securities of San Francisco, of the dispute or proposed settlement, as required by industry rules.

FINRA AWC #2015048046301

According to the findings, Kohan (CRD #2183627), whose registration with First Allied spanned from 2008 through 2015, received a customer complaint in 2013 regarding losses in the customer's account; the report does not state the specificity of the complaint, and, as Kohan failed to disclose the dispute to First Allied, neither does Kohan's BrokerCheck report.

However, the AWC does state that Kohan agreed to make payments to the complaining customer, which by December 2015 totaled approximately $27,000; similarly, the report does not state the total amount of alleged damages nor the percentage of losses that $27,000 represents.

Investigators wrote that when the customer demanded more money, Kohan informed First Allied of this demand, but inaccurately denied having previously paid the customer any funds. Upon investigation of the incident, First Allied discharged Kohan for failure to disclose payments made to a client in an effort to reimburse account losses.

In 1997, then-employer American Express Financial Advisors terminated Kohan following allegations that Kohan misappropriated a $3500 fee.

If you have invested with former First Allied Securities broker Davood Kohan (Kohanzadeh) of San Francisco, CA, or with any financial adviser or representative who attempted to settle a complaint away from and without informing their firm of the allegations, and such inappropriate arrangement has 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
Located at 12711 Ventura Boulevard, Suite #440 Studio City, CA 91604. View Map
Phone: (800) 699-1881 | Local Phone: (818) 760-9880.
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