Last Updated: February 2024 (Miami, FL )
Viqas Akhtar Investigation Summary
Here’s what you need to know about Miami, FL, stockbroker Viqas Akhtar:
- Name: Mr. Viqas Akhtar
- Current Employer: B. Riley Wealth Management
- Previous Firms: National Securities Corp., VFinance Investments, Rockwell Global Capital
- Function: Stock Broker/ Financial Advisor
- Aliases: None
- Primary Location: Miami, FL
- CRD 5624412
- Can Viqas Akhtar be sued in FINRA arbitration: Yes
- Sanctioned by FINRA: No
- Highest Settlement or Award: $37,500
- Pending Customer Dispute Seeks Damages of $192,995
Discuss your case with experienced investment fraud lawyer Bob Rex at (877) 224-3199 for a free consultation.
Did You Lose Money With Viqas Akhtar As Your Stockbroker?
In 11/2023 a customer of B. Riley Wealth Management filed a FINRA arbitration alleging that Viqas Akhtar excessively traded their account and made trades without authorization causing damages of $192,995. This matter is currently pending.
In another currently pending matter a customer of National Securities Corp. filed a FINRA arbitration in 7/2023 alleging that Viqas Akhtar excessively traded their account and made unsuitable investment recommendations in a special purpose vehicle causing damages of an unspecified amount.
Two customers of National Securities Corp. have been paid five figure cash settlements alleging that Akhtar recommended unsuitable private placements. A third customer of National Securities Corp. was paid $9,539 to resolve allegations that Akhtar made unauthorized trades in their account.
Four other customers made claims alleging that VIqas Akhtar traded their accounts without permission. Those customers apparently did not pursue the matter further upon having their claims denied by the company. See below for our advice in that regard.
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.
Allegations of Broker Misconduct Against Viqas Akhtar
Customers of Viqas Akhtar have alleged the following wrongdoing in connection with the handling of customer accounts:
- Unsuitable Investment Recommendation to invest in private placements
- Account Churning
- Unauthorized Trading
[LEARN MORE]: Other Cases Involving Unauthorized Trading
[LEARN MORE]: What is Excessive Trading (Churning)?
[LEARN MORE]: Churning According to U.S. Securities and Exchange Commission (SEC)
The Financial Industry Regulatory Authority (FINRA) is the agency that licenses and regulates stockbrokers and brokerage firms. FINRA requires brokers and brokerage firms to report customer complaints and disputes as well as regulatory sanctions. In addition brokers are required to disclose certain financial matters such as personal bankruptcies, judgments and liens.
Has Your Brokerage Firm “Denied” Your Claim for Damages Due to Stockbroker Malpractice?
It is quite common (and predictable as well) for brokerage firms to deny a customer’s complaint made directly to the company. Firms know that in many, if not most, instances telling the customer “we don’t think it’s our fault” will be the end to the problem.
Firms seldom, if ever, offer adequate resolution when a customer deals directly with the brokerage firm. In the unlikely event the firm does actually agree to discuss settlement , the firm will generally attempt to have you settle your case for a fraction of what it is worth.
If you think there is a problem with the way your account has been handled, or if you have had your claim “denied”, talk to an experienced securities attorney to learn your rights and to learn what the true value of your claim may be.
We do not charge to evaluate a case.
Recover Your Investment Losses Now With Rex Securities Law
[LEARN MORE]: Investigations of other B. Riley Securities brokers
If you have suffered investment losses in an account handled by Viqas Akhtar, 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.