SERVING CLIENTS NATIONWIDE

FINRA Files Complaint Against Farid Morim from its 2016 Investigation into Alleged Conversion and Undisclosed Business Activity

In 2016, FINRA opened an investigation into former JP Morgan (Beverly Hills, CA) Vice President Farid Morim's alleged conversion of customer assets and alleged engagement in undisclosed outside business activities. On September 29, 2017, FINRA filed a complaint against Morim for failing to timely respond to the self-regulaotr's requests for information and documents. The complaint follows the regulator's two prior suspensions of Morim's registration, one for failing to respond to the regulator's requests for documents and information and the other for failing to pay an arbitration award.

Disciplinary Proceeding #2015047528202

The current FINRA complaint alleges Morim did not timely respond to FINRA's multiple requests for information related to its investigation into the alleged conversion and undisclosed outside business activity. Only after FINRA suspended Morim for failing to respond to requests for information did he answer the regulator's requests for information. He later attended an On-the-Record ("OTR") inquiry by FINRA where he allegedly promised to produce the documents the regulator had requested and attempted to refer to the documents as part of his OTR testimony. FINRA alleges that Morim did not provide requested documents despite his promise to do so. A FINRA registered individual is required to respond to the self-regulator's inquiries or requests for documents or face discipline up to and including a lifetime bar from the securities industry.

Morim has been in the regulator's sights in the last year. He was recently suspended for an apparent failure to comply with an arbitration award or settlement agreement. In August 2016, Morim alleged that JP Morgan wrongfully terminated him, and then failed to appear for his arbitration hearing. In May 2017, Morim failed to appear for another hearing, leading the arbitration panel to find Morim liable for $4,200 in sanctions. According to Morim's Brokercheck, his registration remains suspended for failing to pay the arbitration award.

Although Morim's BrokerCheck report lists no outside business activities, he is listed as Treasurer on the Los Angeles Children's Charity Group's website.

According to a settled customer dispute in the BrokerCheck report, Morim allegedly engaged in misrepresentation regarding mutual fund investments. The report also lists two prior financial compromises.

If you have invested with former JP Morgan broker Farid Morim of Los Angeles or with any broker or financial adviser whose undisclosed outside business activities, conversion, or misrepresentation has proven harmful to your investments or interests, please call The Law Offices of Jonathan W. Evans & Associates at (800) 699-1881 for an investigation and consultation.

Categories