Berthel, Fisher & Company Financial Services, Inc. broker Farrukh Kazmi (CRD# 2855915) faces investment losses due to customer complaints. He has been registered with Berthel, Fisher & Company Financial Services, Inc. in Moorestown, New Jersey, since 2010, and with BFC Planning, Inc. in Moorestown, New Jersey, since 2022.
Previously, he was registered with Bright Trading, LLC in Henderson, Nevada, from 2008 to 2010, and with Sterne Agee Financial Services, Inc. in Birmingham, Alabama, from 2003 to 2005, when he was terminated regarding, “raising capital for University Imaging Centers of America without firm approval.” Prior to then, he was registered with Cantella & Co., Inc. in Malden, Massachusetts, from 1999 to 2022, with Raymond James Financial Services, Inc. in St. Petersburg, Florida, from January to August 1999, and with Dean Witter Reynolds Inc. (Morgan Stanley) in Purchase, New York, from 1997 to 1999, when he was terminated.
In August 2018, FINRA sanctioned him to pay a $20,000 civil and administrative penalty and fine and $10,350.71 in disgorgement related to allegations that he “regularly used instant messaging and text messaging to communicate with his member firm’s customers to conduct securities business and by doing so, he violated the firm’s written procedures and ignored its explicit instruction that he discontinue using instant messaging to communicate with his customers.” FINRA alleged that he did not inform his firm that he used these methods of communication with clients and that he exercised discretion in customers’ accounts, without prior written authorization from the customers or written approval from his firm. The complaint alleges that he placed purchase orders for shares in initial public offerings on behalf of a customer whom he knew to be a registered representative of another broker-dealer. Additionally, FINRA found that he “received a total of $10,350.71 in commissions on these purchases and the subsequent sale transactions by this representative who was also his firm’s customer.” He was suspended for five months.
Farrukh Kazmi Customer Complaints
He has been the subject of four customer complaints between 1999 and 2024, according to his CRD report. The most recent complaints were regarding:
April 2024. “The claimant alleges the investment he made in 2013 would pay an annual interest rate of 7% and carried a three-year guarantee of principal. When the investment did not perform after three years, the claimant further alleges that the representative said the product was going to be changed into a different form and taken over by respondent KKR Capital Corporation and that the security would recover. Lastly, the claimant alleges that Berthel Fisher failed to supervise the representative.” The customer is seeking $230,000 in damages, and the case is currently pending. The complaint took place while he was registered with Berthel, Fisher & Company Financial Services, Inc., and it was regarding business development companies (BDCs).
July 2020. “The clients allege the investments they purchased between 2013-2014 were unsuitable and misrepresented to them by the representative. The clients also allege the firm failed to supervise the actions of the representative and failed to conduct adequate due diligence.” The customer sought $350,000 in damages, and the case was settled for $130,000. The complaint took place while he was registered with Berthel, Fisher & Company Financial Services, Inc., and it was regarding BDCs.
July 2020. “The client alleges the investments he purchased between 2013-2014 were unsuitable and misrepresented by the representative. The client also alleges the firm failed to supervise the actions of the representative and failed to conduct adequate due diligence.” The customer sought $165,000 in damages, and the case was settled for $35,000. The complaint took place while he was registered with Berthel, Fisher & Company Financial Services, Inc., and it was regarding BDCs, common and preferred stocks, and real estate securities.
Pursuant to FINRA Rules, member firms are responsible for supervising a broker’s activities during the time the broker is registered with the firm. Therefore, Berthel, Fisher & Company Financial Services, Inc. may be liable for investment or other losses suffered by Farrukh Kazmi’s customers.
Erez Law represents investors in the United States for claims against brokers and brokerage firms for wrongdoing. If you have experienced investment losses, please call us at 888-840-1571 or complete our contact form for a free consultation. Erez Law is a nationally recognized law firm representing individuals, trusts, corporations and institutions in claims against brokerage firms, banks and insurance companies on a contingency fee basis.
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