Broker Masood Husain “Mike” Azad Barred – Complaints & Compensation

Texas Broker Masood Husain “Mike” Azad Barred by FINRA Following Allegations

FINRA registered broker Masood Husain Azad (also known as Mike H. Azad) has been barred by the regulatory authority following allegations from clients dating back to 2017. First Allied Securities Inc. terminated Mr. Azad’s employment in May of 2017 following allegations of violating a Firm policy regarding borrowing money from clients. Azad was also allegedly engaging in outside business activity and unapproved private securities transactions.

In relation to Mr. Azad’s regulatory final FINRA included allegations of participation in an unapproved, private securities transaction by soliciting investments and/or directly investing in an electronic data security company and engaged in outside business activities involving the company without obtaining authorization from First Allied Securities.

Since being barred, Mr. Azad has been the subject of multiple customer disputes alleging false and misleading statements to his clients. Some of these investments included a company owned by Mr. Azad’s son-in-law.

In February 2020, three different pending allegations of soliciting unapproved transactions, malpractice, unsuitability, fraud, and breach of contract. These three allegations total up to almost $2,500,000 in alleged damages.

A separate pending dispute from August of 2020 alleges that Mr. Azad improperly solicited an investment in an unapproved, outside securities transaction.

 
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