FINRA Bars Broker Imdadur Rahman Following Undisclosed OBA

Imdadur Rahman (CRD# 2476187, a/k/a Gino Rahman) is a former registered broker and investment advisor last employed with L.M. Kohn & Company (CRD# 27913) of Troy, MI. His previous employers were Merrill Lynch, Pierce, Fenner & Smith, Incorporated (CRD# 7691) of Bloomfield Hills, MI, UBS Financial Services Inc. (CRD#:8174) of Weehawken, NJ, Dean Witter Reynolds Inc. (CRD# 7556) of Purchase, NY, and Montano Securities Corporation (CRD# 7887) of Orange, CA. He has been in the industry since 1994.

M. Kohn discharged Rahman on 10/9/2023 after the discovery that he was engaged in outside business activities (OBA) with a 78-year-old client during his previous employment at Merrill, Lynch.

During his employment, Rahman began doing personal assistant services for this client as an outside business activity including grocery and other shopping, driving him to appointments, and sending mail to relatives on the client’s behalf. Rahman also convinced the client to move into another assisted living facility located closer to his home. Because the elderly man was a firm customer of Rahman’s, Rahman instructed the man to make the payment checks out to his wife to circumvent the firm’s policies.

Additionally, Rahman convinced the customer to make his wife the beneficiaries of his two firm accounts. Neither Rahman nor his wife are related to the customer, but he falsified the beneficiary forms by identifying his wife as his niece.

From December of 2021 through June of 2023, Rahman received compensation of $116,000 for his assistance, as well as an additional $47,000 in gifts from the customer. Rahman did not notify Merrill, Lynch in writing of this arrangement, receive written approval from the firm, nor disclose these payments to the firm, all in violation of the firm’s written policies. Rahman discussed his personal expenses and overdue bills with the customer, leading to $47,000 in gifted money.

FINRA barred Rahman as of 6/10/2024. Rahman signed a Letter of Acceptance, Waiver & Consent (AWC) on June 4, 2024, and the letter was signed and accepted by FINRA on June 10. Rahman is permanently barred in all capacities.

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