Securities Arbitration Lawyers BlogFINRA Bars Broker Mohamed Yassin
Mohamed Racheed Yassin (CRD #1673281) is a previously registered broker and investment advisor whose last employer was National Securities Corporation (CRD #7569) of Westbury, NY. His previous employers include Morgan Stanley (CRD #149777) of Garden City, NY, UBS Financial Services Inc. (CRD #8174) of Uniondale, NY and Prudential Securities Incorporated (CRD #7471) of New York, NY. He has been in the industry since 1990.
Yassin is the subject of two FINRA disciplinary actions. The first, filed on 10/29/2018, suspends Yassin indefinitely for failure to comply with an arbitration award in a case of breach of promissory notes.
The earlier FINRA action on 8/21/2018 bars Yassin from any and all association with a FINRA member after he failed to respond to a request for information. FINRA then barred Yassin indefinitely from affiliation with any FINRA member effective 11/26/2018.
Yassin was discharged from Morgan Stanley Wealth Management on 6/2/2017 after allegations from clients that he “failure to verbally confirm transactions prior to execution in clients’ accounts.” This discharge followed two customer disputes filed in the months prior. Both had the same allegations: “Claimant alleged, inter alia, excessive trading with respect to investments in clients’ accounts – 2012 to 2016.” The first, filed on 4/13/2017, requested $2,000,000 in damages, and settled for $602,717.00. The second, filed on 2/17/2017, requested $3,500,000, and settled for $457,034.00. Yassin denied the allegations.
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