DID ATUL MAKHARIA CAUSE YOU INVESTMENT LOSSES?
Atul Makharia Of Centaurus Financial, Inc. Has 12 Customer Complaints For Alleged Broker Misconduct
Who is Atul Makharia of Centaurus Financial, Inc.?
Atul Makharia (CRD #5070762) who is currently registered as a broker with Centaurus Financial, Inc. and located in Lexington, South Carolina, is a subject of one of our many securities industry sales practice abuse investigations. Prior to Centaurus Financial, Inc., Atul Makharia was associated with other investment advisory and brokerage firms with a history of customer complaints and securities industry regulatory problems. Atul Makharia and his supervisor Ricky Mantei had their own problems with the regulators. In February 2023, the SEC filed an administrative proceeding against both advisors. Both financial advisors submitted offers the settlement and consented, without admitting or denying the findings that the recommended VRSPs to retail customers for whom such investments were unsuitable light of each of the specific customers financial situations and needs. The sanctions included a cease-and-desist order, suspension for 6 months, $35,000 penalty and an undertaking regarding future business.
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Atul Makharia Customer Complaints
Atul Makharia has been the subject of 12 customer complaints that we know about seeking to recover investment losses. Eight of the customer complaints are settled by financial advisors’ employers in favor of the investors. Only one customer dispute was denied by J.P. Turner and the investor took no further action. There are currently 3 FINRA arbitration proceedings that were recently filed and still pending against Centaurus Financial for Atul Makharia’s alleged misconduct.
Allegations Against Atul Makharia
A sample of the allegations made in the FINRA reported arbitration claim settlements and/or pending complaints for investment losses follows:
- Misrepresentation of unsuitable, high-risk, speculative, and illiquid investments involving real estate securities and corporate debt.
- Unsuitable recommendation of speculative, high-risk, and illiquid corporate debt investment.
- Breach of fiduciary duty in connection with corporate debt and real estate security investments.
- Unsuitable corporate debt investments.
- Misrepresentations, unsuitable investment recommendations and breaches of fiduciary duty in connection with corporate debt transactions.
- Overconcentration of customer’s investments and unsuitable, complex, high-risk, speculative, and illiquid investments.
- Recommendation of unsuitable investments that were in breach of advisor’s fiduciary duty.
- Overconcentration of customer’s account and unsuitable investments.