FINRA permanently barred former Key Investment Services and Wells Fargo broker Tarik Nehmatullah after he refused to cooperate with an investigation into allegations he accepted a $55,000 loan from an investment client in contravention of firm policy.
Although the present allegations refer to alleged misconduct while associated with Key Investment Services in Westminster, Colorado, Tarik Nehmatullah (CRD #6336491)'s BrokerCheck file indicates that prior to joining that Key Investment Services (KeyBank), he was permitted to resign from Wells Fargo Clearing Services in Des Moines, Iowa after allegedly initiating fund transfers at various financial institutions without sufficient funds for those transactions.
Present-day AWC #2021072499302 makes reference only to the alleged misconduct at Key Investment Services; various firm and industry policies prohibit accepting loans from brokerage customers due to the potential for further misconduct or financial harm that may result.
For example, a deceased client's family sued ex-MML Investors Service (Irvine, CA) broker Nicholas Randolph Radke, alleging damages caused by fraud and elder abuse which occurred when Radke arranged for a $250,000 promissory note with an elderly and since-deceased client whose diminished capacity, according to the family, should have precluded such a financial arrangement. FINRA disciplined another broker—Kerry Dean Willis of First Western Securities in Manhattan Beach—for similar alleged loan misconduct regarding an elderly client who later died.
If you invested with Tarik Nehmatullah or with any broker or financial adviser who improperly borrowed money from you or a loved one, in contravention of firm and/or industry rules, and such a prohibited loan has proven harmful to your investments or interest due to the broker's failure to pay it back or otherwise, please call an experienced FINRA arbitration attorney at The Law Offices of Jonathan W. Evans & Associates at (800) 699-1881 for an investigation and consultation.