Amit Bhatia Suspended by FINRA
Amit Bhatia (CRD #: 5305020), a broker formerly registered with Raymond James & Associates, has been suspended by FINRA, according to his BrokerCheck record, accessed on November 30, 2022. If you have questions about his conduct as a broker, read on.
On October 12, 2022, Amit Bhatia consented to the entry of findings that he allegedly executed and issued two documents purporting to be letters of credit without the authorization of his firm, Raymond James & Associates.
A Letter of Acceptance, Waiver & Consent (AWC) alleged that, between August 2019 and August 2020, Amit Bhatia was employed in various roles at Raymond James & Associates where his responsibilities included developing corporate financing packages for the firm’s investment banking clients.
In August 2019, a client (Customer A) allegedly requested that Amit Bhatia sign letters of credit in support of the client’s business activities. Customer A was allegedly a former senior executive of the firm’s investment banking division, and allegedly told Amit Bhatia he had the authority to sign these documents. However, the AWC alleged that Raymond James & Associates did not provide letters of credit to firm clients and that he did not raise this question of authority with the firm.
Amit Bhatia allegedly signed two documents purporting to be letters of credit, as well as an amendment for one of these letters, for Customer A. These supposed letters of credit allegedly totaled approximately $3 million in credit, and Customer A allegedly provided these documents to a lender.
The AWC concluded that this alleged misconduct violated FINRA Rule 2010.
FINRA Rule 2010
FINRA Rule 2010 holds brokers to high standards of commercial honor and just and equitable principles of trade.
Amit Bhatia consented to the following sanctions:
- $5,000 fine
- 3-month suspension
His suspension began on October 17, 2022, and will end on January 16, 2023.
You can read the full AWC here.
Amit Bhatia has passed the following exams:
- Series 63 – Uniform Securities Agent State Law Examination
- Series 79TO – Investment Banking Registered Representative Examination
- SIE – Securities Industry Essentials Examination
- Series 79 – Investment Banking Registered Representative Examination
He previously worked for Raymond James & Associates (CRD#:705).
Kurta Law Can Help
If you worked with Amit Bhatia and you have concerns about your investments, please contact us today at 877-600-0098 or firstname.lastname@example.org for a free consultation.
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