Neemit Shah, previously with NYLife Securities, Suspended by FINRA
Have you lost money with financial advisor Neemit Shah? We are looking into allegations made about Neemit M. Shah from Glen Allen, Virginia. FINRA (the Financial Industry Regulatory Authority) suspended Shah from the securities industry for six months and fined him $5,000. FINRA was investigating Shah after he allegedly did not disclose private securities transactions. Shah has been alleged to have sold investments in Future Income Payments (FIP), and investors have suffered significant losses in FIP.
Neemit Shah was a financial advisor and registered representative of NYLife Securities from 2009 to November 2016. He was also affiliated with MML Investors Services from December 2016 to November 2018. He worked in branch offices in Glen Allen, Virginia.
Brokerage firms like NYLife Securities have a responsibility to adequately supervise all representatives who are registered through their firm. Brokerage firms also must take steps to ensure that their financial advisors follow all securities rules and regulations, as well as internal firm policies. When brokerage firms fail to adequately supervise their registered representatives, they may be liable for investment losses sustained by customers.
Israels & Neuman PLC is a securities and investment fraud law firm with offices in Denver, Colorado; Seattle, Washington; Phoenix, Arizona; and Ann Arbor, Michigan. We represent investors in FINRA arbitration proceedings in all 50 states, including Virginia. Our attorneys have represented over one thousand investors against many brokerage firms in the past, including against NYLife Securities.