Advisor Alert: Our Attorneys Are Investigating Masood Huzain “Mike” Azad For Investment Fraud
Did You Lose Money Because of Mike Azad?
Filed: October 25, 2023
Mike Azad (also known as Masood Huzain “Mike” Azad) has been the subject of one (1) termination event, one (1) regulatory event, and five (5) 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 Masood Huzain “Mike” Azad.
Who Is Masood Huzain “Mike” Azad?
- Advisor Name: Masood Huzain “Mike” Azad
- Aliases: Mike H Azad
- CRD: 4798445
- Location: League City, Texas
- Current Employer: No Longer Allowed to Practice in the Securities Industry
- Previous Firms: First Allied Securities, Inc. and Voya Financial Advisors, Inc.
- Number of Known Customer Complaints: 5
- Number of Known Termination Events: 1
- Number of Known Regulatory Events: 1
- Can Masood Azad Be Sued: Yes, in Private Arbitration
- Can Masood Azad’s Employers Be Sued For Failing to Supervise His Actions: Yes, in Private Arbitration
- Highest Damages Allegation: $1,100,000
- Highest Settlement: $200,000
If you have suffered investment losses by Mike Azad, we strongly encourage you to exercise your rights to experienced legal representation. Recover what is owed to you by retaining an investment 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 Mike Azad For Broker Misconduct
As of this publication date, Masood Azad has been the subject of 1 termination event, 1 regulatory event, and 5 customer disputes. Let’s review them below.
In August 2021, a FINRA arbitration was filed against or in reference to Masood Azad by multiple customers of First Allied Securities, Inc. alleging that Mr. Azad recommended unapproved outside securities transactions. The client added allegations of misrepresentation, negligent supervision, and breach of contract. Per the customers, they lost over $500,000 because of Mr. Azad’s actions. On May 2, 2022, Mr. Azad settled the claim for $200,000, and some or all of this amount may have been paid by Mr. Azad’s employer and/or insurance carrier.
In August 2020, a FINRA arbitration was filed against or in reference to Masood Azad by multiple customers of First Allied Securities, Inc. alleging that Mr. Azad improperly solicited an investment in an unapproved outside securities transaction. Claimants allege unsuitability, fraud, breach of contract, negligence and breach of fiduciary duty. On May 5, 2021, Mr. Azad settled the claim for $200,000, and some or all of this amount may have been paid by Mr. Azad’s employer and/or insurance carrier.
In February 2020, a FINRA arbitration was filed against or in reference to Masood Azad by a customer of First Allied Securities, Inc. alleging that Mr. Azad improperly solicited an investment in an unapproved outside securities transaction. Claimants allege unsuitability, fraud, breach of contract, negligence and breach of fiduciary duty. Per the customer, she lost over $400,000 because of Mr. Azad’s actions. On May 5, 2021, Mr. Azad settled the claim for $125,000, and some or all of this amount may have been paid by Mr. Azad’s employer and/or insurance carrier.
In February 2020, a FINRA arbitration was filed against or in reference to Masood Azad by a customer of First Allied Securities, Inc. alleging that Mr. Azad improperly solicited an investment in an unapproved outside securities transaction. Claimants allege unsuitability, fraud, breach of contract, negligence and breach of fiduciary duty. Per the customer, she lost over $950,000 because of Mr. Azad’s actions. On May 5, 2021, Mr. Azad settled the claim for $125,000, and some or all of this amount may have been paid by Mr. Azad’s employer and/or insurance carrier.
In February 2020, a FINRA arbitration was filed against or in reference to Masood Azad by multiple customers of First Allied Securities, Inc. alleging that Mr. Azad recommended investments that were not suitable for them. Claimants’ COAs are failure to malpractice against Mr. Azad, unsuitability, fraud, breach of contract, negligent supervision and breach of fiduciary duty against all respondents. Per the customers, they lost over $1,100,000 because of Mr. Azad’s actions. On May 5, 2021, Mr. Azad settled the claim for $100,000, and some or all of this amount may have been paid by Mr. Azad’s employer and/or insurance carrier.
In November 2017, FINRA initiated a regulatory action against or in reference to Mr. Azad. Without admitting or denying the findings, Mr. Azad consented to the sanction and to the entry of findings that he failed to provide FINRA requested documents and information in connection with its investigation into allegations of misconduct by Azad while associated with his member firm. The findings stated that the allegations included Azad participating in an unapproved private securities transaction by soliciting investments and/or directly investing in an electronic data security company and engaged in outside business activities involving the company without obtaining authorization from the firm.
In May 2017, First Allied Securities terminated Mr. Azad for violating firm policy relating to borrowing money from clients, engaging in an unapproved private securities transaction, and outside business activity.
How To File A Claim Against Masood “Mike” Azad (previously with First Allied Securities, Inc. and Voya Financial Advisors, Inc.) To Get Your Money Back.
If you have questions about Masood Azad, First Allied Securities, Inc., Voya Financial Advisors, 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. Our team has recovered approximately $25 million dollars on behalf of investors who lost money due to bad advice by their broker or brokerage firm. We’d love to help you out too.