Princeton, NJ
Have you lost money with financial advisor Manish Shah from Princeton, New Jersey? We are looking into allegations made by FINRA (the Financial Industry Regulatory Authority) against Manish Shah. FINRA suspended Shah from the securities industry for 20 months and fined him $15,000.
Shah was being investigated regarding allegations that he borrowed money from investors. It was alleged that he borrowed $75,000 from a securities brokerage client, and he was alleged to have also borrowed $200,000 from an insurance client. It was alleged that Shah told the securities brokerage client that he was using the money to buy another broker’s book of business, but he instead used the money for personal expenses.
Manish Shah was a registered representative and financial advisor with Northwestern Mutual from 2003 to April 2019. He worked out of a branch office in Princeton, New Jersey. Shah has also been the subject of at least two customer complaints.
Broker-dealers like Northwestern Mutual have a responsibility to adequately supervise all representatives who are registered through their firm, including investments sold by their registered representatives. Broker-dealers also must take steps to ensure that their financial advisors follow all securities rules and regulations. When broker-dealers 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 investors in New Jersey. Our attorneys have represented over one thousand investors against many brokerage firms in the past.