Securities Arbitration Lawyers BlogFINRA Suspends Broker Sharif Sharif Following Crypto OBA
Sharif Sharif (Sharif Azmi Sharif CRD# 2343413) is a previously registered broker and currently registered investment advisor last employed with LPL Financial LLC (CRD# 6413) of Elmhurst, IL. His previous employers include Woodbury Financial Services, Inc. (CRD# 421), also of Elmhurst, Axa Advisors, LLC (CRD# 6627) of Hinsdale, IL, and Mony Securities Corporation (CRD# 4386) of New York, NY. He has been in the industry since 1995.
LPL Financial discharged Sharif on 12/20/2022 for participating in private investments and outside business activity without proper disclosure to the firm. The firm then submitted a Uniform Termination Notice for Securities Industry Registration, or Form U5, notifying FINRA of Sharif’s termination.
FINRA began its investigation following the receipt of the Form U5. Sharif participated in a private placement that included solicitation of $900,000 from eight investors, seven of whom were LPL customers. He failed to notify LPL Financial of his involvement in this private placement in violation of FINRA Rules 3280 and 2010.
As the founding investor of a crypto asset mining company, Sharif sought additional investors to fund the purchase of equipment for crypto asset mining. In a one-hour video call with four of these investors to discuss the company, its business model, and other plans. Three family members of the original four also became investors, seven of whom were LPL customers. At no time did Sharif notify LPL Financial of these outside business activities, even though he received no compensation for this activity.
Sharif signed a Letter of Acceptance, Waiver & Consent (AWC) which included a fine of $5,000 and a nine-month suspension in all capacities, effective 7/1/2024 and ending 3/31/2025.
The company changed its business model before achieving its funding goals. The customers then filed their complaint with LPL.
A customer filed a dispute on 7/5/2022 with allegations of “unsuitability and misrepresentation of private placement investment (3/1/22-7/05/22).” This claim was settled for $500,000 to avoid litigation. Sharif and his associated broker did not contribute to the settlement amount.
Did You Invest With Sharif Sharif?
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