SERVING CLIENTS NATIONWIDE

First Allied Securities' Masood Azad Barred After Investigation into Unapproved Private Securities Transactions

FINRA barred former First Allied Securities broker Masood "Mike" Husain Azad for allegedly failing to cooperate with an investigation into allegations he participated in unapproved securities transactions.

AWC #2017054623301

The report notes that First Allied Securities terminated Azad (CRD #4798445) in June 2017 based on allegations that he engaged in outside business activities that were not approved by the firm. Azad had been associated with First Allied in Texas from January 2015 until June 2017, serving as a registered representative with VOYA Financial Advisors prior to joining First Allied.

According to Azad's BrokerCheck report, First Allied's decision to discharge Azad also concerned allegations that he violated firm policy relating to borrowing money from clients.

The report lists additional outside business activities as an attorney at "Law Offices of MH Azad," an advisor at Robertson Wealth Management, and an advisor at American Retirement Solutions. According to the State Bar of Texas' website, Azad's practice concerns wills, trusts, and probate law.

FINRA's investigation further alleged that Azad's participation in unapproved private securities transactions manifested in Abad's purported solicitation of investments and/or direct investment in an electronic data security company. Enforcement also investigated allegations that Azad engaged in further outside business activities involving the company without authorization from First Allied Securities.

The regulator ultimately opted to bar Azad from the industry when his counsel advised FINRA that he would not be cooperating with their investigation.

If you have invested with former VOYA Financial Advisors and First Allied Securities rep Masood "Mike" Husain Azad or with any broker or financial adviser whose engagement in unapproved outside business activities, or whose violations of firm policy concerning borrowing money or accepting a loan from a client (including promissory note fraud) 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