Erez Law is investigating First Republic Securities Company, LLC broker Arif Ahmed (CRD# 3099755) corporate debt losses.
He has been registered with J.P. Morgan Securities LLC in Washington, D.C., since 2023, J.P. Morgan Securities LLC in Washington, DC since 2024, and J.P. Morgan Private Wealth Advisors LLC in San Francisco, California, since 2019. Previously, he was registered with First Republic Securities Company, LLC in Palo Alto, California, from 2019 to 2023.
According to public records, a co-founder and former chief technology officer at Dropbox is seeking more than $225 million in damages based on claims that the broker recommended he invest in “unsuitable complex products that underperformed and generated $40 million in excessive fees,” according to Advisor Hub. The complaint alleges a breach of fiduciary duty, securities fraud, and negligent supervision.
Public records indicate that between April 2020 and October 2023, he recommended $1 billion worth of highly complex, low-performance, high-cost market-linked instruments (MLIs), earning him up to a commission of 3.75%. He recommended 35 MLIs, held on average for just nine months despite these investments typically being held for four years. The former customer contends that he paid a quarter percent advisory fee on his assets, but that the MLI fees were disguised as “underwriting discounts.” MLIs typically have a zero commission in advisory accounts. The complaint alleges that he opened a brokerage account to receive commissions.
The complaint alleges that he recommended structured products offering interest payments tied to an equity, commodity, or currency market. It is also alleged that part of his investment recommendations, a basket of large-cap technology stocks underperformed by $225.
The claim also alleges that Arif Ahmed frequently traded products to increase commissions.
The complaint cites him as one of the top producers at First Republic.
Arif Ahmed Customer Complaints
He has been the subject of five customer complaints between 2000 and 2024, one of which was denied, according to his CRD report. The most recent complaints were regarding:
February 2024. “Client alleges losses from investment recommendation. Activity dates: April 27, 2020 – October 25,2023.” The customer is seeking $204,694,278 in damages, and the case is currently pending. The complaint was regarding corporate debt, and it took place while he was registered with First Republic Securities Company, LLC.
Febraury 2024. “Client alleges losses from investment recommendation. Activity dates 5/26/22 – 9/29/23.” The customer is seeking $35,026,590 in damages, and the case is currently pending. The complaint was regarding corporate debt, which occurred while he was registered with First Republic Securities Company, LLC.
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, First Republic Securities Company, LLC may be liable for investment or other losses suffered by Arif Ahmed’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.
"*" indicates required fields
