Advisor Alert: Our Attorneys Are Investigating Atul Mahkaria For Investment Fraud
Did You Lose Money Because of Atul Mahkaria?
Filed: October 25, 2023
Atul Mahkaria currently has three (3) pending customer complaints. Overall, he has been the subject of one (1) regulatory event and twelve (12) customer complaints. As an investor, you may be entitled to compensation for losses accrued due to mismanagement of your investments.
Let’s begin our Patil Law Advisor Alert with a summary report on Atul Mahkaria.
Who Is Atul Mahkaria of Centaurus Financial, Inc.?
- Advisor Name: Atul Mahkaria
- Aliases: Atul Mahkaria
- CRD: 5070762
- Location: Lexington, South Carolina
- Current Employer: Centaurus Financial, Inc.
- Previous Firms: J.P. Turner & Company, L.L.C., Gunnallen Financial, Inc., and First Allied Securities, Inc.
- Number of Known Customer Complaints: 12
- Number of Known Regulatory Events: 1
- Can Atul Mahkaria Be Sued: Yes, in Private Arbitration
- Can Atul Mahkaria’s Employers Be Sued For Failing to Supervise His Actions: Yes, in Private Arbitration
- Highest Damages Allegation: $600,000
- Highest Settlement: $70,000
If you have suffered investment losses by Atul Mahkaria, we strongly encourage you to exercise your rights to experienced legal representation. Recover what is owed to you by retaining a stockbroker fraud lawyer. Reach out to the legal team at Patil Law, P.C. via the secure online form or call the firm directly toll-free at 1-800-950-6553.
Customer Complaints Filed Against Atul Mahkaria For Broker Misconduct
As of this publication date, Atul Mahkaria has been the subject of 1 regulatory event and 12 customer disputes. Let’s review them below.
In October 2023, a FINRA arbitration was filed against or in reference to Atul Mahkaria by multiple customers of Centaurus Financial, Inc. alleging that Mr. Mahkaria recommended unsuitable, high-risk, speculative, illiquid investments and breached his fiduciary duty. Per the customers, they lost over $499,000 due to Mr. Mahkaria’s actions. As of this publication date, this arbitration claim remains pending.
In May 2023, a FINRA arbitration was filed against or in reference to Atul Mahkaria by multiple customers of Centaurus Financial, Inc. alleging that Mr. Mahkaria recommended speculative, high-risk, and an illiquid investment in December 2018 and February 2019. Per the customers, they lost over $40,000 due to Mr. Mahkaria’s actions. As of this publication date, this arbitration claim remains pending.
In February 2023, United States Securities and Exchange Commission initiated a regulatory event against or in reference to Mr. Mahkaria for violating Sections 17(a)(2) and 17(a)(3) of the Securities Act. by recommended VRSPs to retail customers for whom such investments were unsuitable in light of each of the specific customers’ financial situations and needs (the “Specified Customers”). Additionally, CFI failed to make and keep certain required records relating to certain customer accounts. They also failed to maintain and preserve this information for at least six years in violation of Exchange Act Section 17(a) and Rules 17a-4(e)(5) thereunder, and in a non rewritable and non-erasable format in violation of Exchange Act Section 17(a) and Rule 17a4(f)(2) thereunder. Further, CFI failed to make and keep current a record indicating that, for each change in a customer’s account investment objectives, CFI furnished the customer with a copy of the updated account record or alternative document containing the information required by Rule 17a-3(a)(17) within thirty days of CFI receiving notice of any change, in violation of Exchange Act Section 17(a) and Rule 17a-3(a)(17)(i)(B)(3) thereunder. As a result of the conduct described above, Makharia willfully violated Sections 17(a)(2) and 17(a)(3) of the Securities Act.
In September 2022, a FINRA arbitration was filed against or in reference to Atul Mahkaria by a customer of Centaurus Financial, Inc. alleging that Mr. Mahkaria misrepresented unsuitable, high-risk, speculative, illiquid investments. As of this publication date, this arbitration claim remains pending.
In June 2020, a FINRA arbitration was filed against or in reference to Atul Mahkaria by a customer of J.P. Turner and Company (aka Cetera Financial Group and Centaurus Financial, Inc.) alleging that Mr. Mahkaria over-concentrated the customer’s account(s) in unsuitable investments. Per the customer, he/she lost over $100,000 due to Mr. Mahkaria’s actions. On June 17, 2021, Mr. Mahkaria settled the claim for $70,000, and some or all of this amount may have been paid by Mr. Mahkaria’s employer and/or insurance carrier.
In March 2020, a FINRA arbitration was filed against or in reference to Atul Mahkaria by a customer of Centaurus Financial, Inc. alleging that Mr. Mahkaria over-concentrated the customer’s investment(s) in unsuitable, complex, high risk, speculative, and illiquid investments. Per the customer, she lost over $150,000 due to Mr. Mahkaria’s actions. On October 14, 2020, Mr. Mahkaria settled the claim for $57,500, and some or all of this amount may have been paid by Mr. Mahkaria’s employer and/or insurance carrier.
In February 2020, a FINRA arbitration was filed against or in reference to Atul Mahkaria by a customer of J.P. Turner and Company (aka Cetera Financial Group and Centaurus Financial, Inc.) alleging that Mr. Mahkaria invested the customer’s account(s) in unsuitable investments and breached his fiduciary duty. Per the customer, he lost over $100,000 due to Mr. Mahkaria’s actions. On December 15, 2020, Mr. Mahkaria settled the claim for $10,000, and some or all of this amount may have been paid by Mr. Mahkaria’s employer and/or insurance carrier.
In November 2019, a FINRA arbitration was filed against or in reference to Atul Mahkaria by multiple customers of Centaurus Financial, Inc. alleging that Mr. Mahkaria recommended unsuitable investments and breached his fiduciary duty. Per the customers, they lost over $160,000 due to Mr. Mahkaria’s actions. On December 28, 2020, Mr. Mahkaria settled the claim for $30,000, and some or all of this amount may have been paid by Mr. Mahkaria’s employer and/or insurance carrier.
In August 2019, a FINRA arbitration was filed against or in reference to Atul Mahkaria by a customer of Centaurus Financial alleging that Mr. Mahkaria over-concentrated the client’s investments in unsuitable, complex, high-risk, speculative, and illiquid investments. Per the customer, she lost over $600,000 due to Mr. Mahkaria’s actions. On October 9, 2020, Mr. Mahkaria settled the claim for $30,000, and some or all of this amount may have been paid by Mr. Mahkaria’s employer and/or insurance carrier.
In June 2019, a FINRA arbitration was filed against or in reference to Atul Mahkaria by a customer of J.P. Turner and Centaurus Financial, Inc. alleging that Mr. Mahkaria misrepresented and recommended unsuitable investments. The client alleged that Mr. Mahkaria breached his fiduciary duty. Per the customer, he/she lost over $100,000 due to Mr. Mahkaria’s actions. On June 3, 2020, Mr. Mahkaria settled the claim for $14,750, and some or all of this amount may have been paid by Mr. Mahkaria’s employer and/or insurance carrier.
In November 2018, a complaint was filed against or in reference to Atul Mahkaria by a customer of J.P. Turner and Centaurus Financial, Inc. alleging that Mr. Mahkaria recommended unsuitable investments and several other allegations associated therewith. Per the customer, he/she lost over $200,000 due to Mr. Mahkaria’s actions. On July 18, 2019, Mr. Mahkaria settled the claim for $35,180, and some or all of this amount may have been paid by Mr. Mahkaria’s employer and/or insurance carrier.
In October 2018, a complaint was filed against or in reference to Atul Mahkaria by multiple customers of J.P. Turner and Centaurus Financial, Inc. alleging that the clients’ investments were unsuitable. Per the customers, they lost over $333,000 due to Mr. Mahkaria’s actions. On September 9, 2020, Mr. Mahkaria settled the claim for $40,000, and some or all of this amount may have been paid by Mr. Mahkaria’s employer and/or insurance carrier.
In January 2017, a complaint was filed against or in reference to Atul Mahkaria by a customer of J.P. Turner alleging that Mr. Mahkaria sold an unsuitable CD to the client and the client did not receive a prospectus. Per the customer, he/she lost over $20,000 due to Mr. Mahkaria’s actions.
How To File A Claim Against Atul Mahkaria of Centaurus Financial, Inc. (previously with J.P. Turner & Company, L.L.C., Gunnallen Financial, Inc., and First Allied Securities, Inc.) To Get Your Money Back.
If you have questions about Atul Mahkaria, Centaurus Financial, Inc., J.P. Turner & Company, L.L.C., Gunnallen Financial, Inc., First Allied Securities, Inc., or the management or performance of your accounts, please contact Attorney Patil for a free initial consultation via email or toll-free at 1-800-950-6553.