Last Updated: February 2025, Elmhurst, IL
Here’s what you need to know about Elmhurst, IL, former stockbroker Azmi Sharif:
- Name: Mr. Azmi Patrick Sharif
- CRD Number: 6481342
- Current Status: Suspended by FINRA 7/15/2024-4/14/2025
- Prior Employers:
- KCD Financial, Inc. (September 2023 – July 2024)
- Nobles & Richards, Inc. (July 2023 – August 2023)
- LPL Financial LLC (July 2018 – January 2023)
- Woodbury Financial Services, Inc. (July 2016 – July 2018)
- Function: Stockbroker / Financial Advisor
- Primary Location: Elmhurst, IL
- DBA: The Other Side of Wealth, Sharif Wealth Strategies
- Can Azmi Sharif be sued in FINRA arbitration? Yes
- Sanctioned by FINRA: Yes (Suspension)
- Discharged by a Prior Employer: Yes
- Highest Settlement or Award: $500,000.00
- Pending Customer Dispute Seeks Damages of: None currently reported
If you’ve sustained damages from Mr. Sharif, discuss your case with experienced investment fraud lawyer Bob Rex at (877) 224-3199 for a free consultation.
Did You Lose Money With Azmi Sharif As Your Stockbroker?
A customer dispute and a regulatory action have been reported involving Azmi Sharif:
- Regulatory Action by FINRA
- Date Initiated: June 26, 2024
- Sanction: Nine-month suspension and $5,000 fine
- Reason: Participating in private securities transactions without providing prior written notice to LPL Financial. Mr. Sharif facilitated approximately $900,000 in investments from eight individuals, including seven firm customers, for a crypto asset mining company without notifying the firm.
- Customer Dispute (Settled)
- Filing Date: July 5, 2022
- Allegations: Unsuitability and misrepresentation of a private placement investment between March and July 2022.
- Settlement Amount: $500,000.00
- Employment Termination
- Date: January 19, 2023
- Employer: LPL Financial LLC
- Reason for Termination: Discharged due to inadequate disclosure of outside business activities and participation in private investments without notice to the firm.
See this for more information on REITs and Other Alternative Investments
Allegations of Broker Misconduct Against Azmi Sharif
A customers of Azmi Sharif have and FINRA have alleged the following misconduct in connection with his handling of their investments:
- Private Securities Transactions: Mr. Sharif participated in unauthorized private securities transactions involving crypto asset mining equipment, violating FINRA Rule 3280, which governs private securities transactions.
- Failure to Disclose Outside Business Activities: Allegations indicate that Mr. Sharif failed to notify his firm about his involvement in a crypto asset mining company, a potential violation of FINRA Rule 3270.
- Unsuitability and Misrepresentation: The settled customer dispute alleged that Mr. Sharif recommended unsuitable investments and misrepresented the nature and risks of private placement investments.
Private Placements under Reg D: What is a Private Placement? According to the U.S. Securities and Exchange Commission (SEC):
“Under the federal securities laws, a company may not offer or sell securities unless the offering has been registered with the SEC or an exemption from registration is available. Offerings exempt from the SEC’s registration requirements pursuant to Securities Act Section 4(a)(2) or its safe harbor under Regulation D of the Securities Act are often referred to as private placements.”
The SEC warns that unregistered offerings may be utilized to conduct investment scams and that investors should have the ability to weather a total loss in these illiquid investments. See this SEC Investor Alert about red flags to watch out for in unregistered offerings.
Recover Your Investment Losses Now With Rex Securities Law
Investigation of LPL Financial and LPL Brokers-Lawsuits, Arbitrations & Customer Disputes
If you have suffered investment losses in an account handled by Azmi Sharif, contact us for a complimentary consultation with an experienced securities lawyer to learn how you may be able to recover damages through FINRA arbitration.
With offices in Boca Raton, FL, and Austin, TX, stockbroker fraud attorney Bob Rex provides representation to investors nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers, financial advisors, and broker-dealers.
If you have questions about how your account has been handled, call (877) 224-3199 to speak with an experienced securities attorney at no cost to you.
Most cases are handled on a contingent fee basis, meaning that you do not pay legal fees unless we are successful.