Arbitration Award Against Centaurus Financial Regarding REITs
In Baugh v. Centaurus Financial, Inc., a family brought a claim against Centaurus Financial, alleging misrepresentations and unsuitable investment recommendations in connection with the sale of several real estate investment trusts (or REITs), including Inland American, Phillips Edison – ARC Shopping Center REIT, Carter Validus Mission REIT, and Cole Credit Property Trust IV. The REITs were recommended by the Claimants’ Centaurus Financial advisor from Albuquerque, Seyed Hashemian.
The case proceeded in FINRA Arbitration (Financial Industry Regulatory Authority) before three arbitrators with a hearing venue in Albuquerque, New Mexico. The arbitrators found that Centaurus was liable and ordered Centaurus to pay $150,000 in damages and interest. Seyed Hashemian sought to expunge this complaint from his record, and the arbitrators denied Hashemian’s request.
Seyed A. Hashemian was a financial advisor and registered representative of Centaurus Financial from October 2009 to the present. He has worked at branch offices in Albuquerque, New Mexico. Seyed Hashemian is also affiliated with Capital Risk Services in Albuquerque. Hashemian has been the subject of at least nine customer complaints. Hashemian was also “permitted to resign” by two prior brokerage firms.
Brokerage firms like Centaurus Financial 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 and the Seattle area. We represent investors in FINRA arbitration proceedings in all 50 states, including investors in New Mexico and the Albuquerque area. Our attorneys have represented over one thousand investors against many brokerage firms in the past, including Centaurus Financial.
Click to view: Hashemian, Seyed BrokerCheck 11.21.16
Click to view: Baugh v. Centaurus Financial Award
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Israels & Neuman, PLC is a private law firm and is not affiliated with any government or law enforcement agency. Any investigation referenced in this blog is independent in nature and is being conducted by our law firm privately, not in conjunction with any government or law enforcement agency. All information contained in this blog should be deemed statements of opinion derived from the author’s review of public records, not statements of fact. This blog is advertising material and does not create an attorney client relationship, nor does it constitute legal advice. Everyone’s situation is different and the question of whether or not you have a claim will vary on a case-by-case basis. In contingent representation, clients may still be liable for costs.