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Azmi Sharif Fired from LPL Financial Over Alleged Failure to Disclose OBA

Azmi Sharif (CRD #: 6481342), a broker formerly registered with LPL Financial, was fired from the firm, according to his BrokerCheck record, accessed on February 15, 2023. Investors may have also engaged his services through Sharif Wealth Strategies. If you want to know more about his alleged conduct as a broker, keep reading.

Termination from LPL Financial

On December 20, 2022, Azmi Sharif was fired from LPL Financial for allegedly failing to fully disclose an outside business activity and failing to provide prior notice to the firm before participating in private investments.

FINRA Rule 3270

FINRA Rule 3270 requires brokers to inform their firm and receive approval for any business activities they engage in beyond their firm.

FINRA Rule 3280

FINRA Rule 3280 requires brokers to provide written notice to their firm before engaging in private securities transactions.

Other business activities

Azmi Sharif’s detailed BrokerCheck report lists the following outside business activities:

  • Registered investment advisor with Sharif Wealth Strategies, also doing business as The Other Side of Medicine and FourStar Wealth Advisors.
  • Jamaicandisco LLC, a trust.

Investor Dispute

On July 5, 2022, an investor filed a dispute alleging that Azmi Sharif made an unsuitable recommendation of a private placement and misrepresented this investment between March 1, 2022, and the date of filing. This dispute was settled for $500,000.

FINRA Rule 2111

FINRA Rule 2111 requires that brokers tailor their investment recommendations to an investor’s profile, which describes their age, risk tolerance tax status, and other characteristics.

Investors who rely on brokers for investment recommendations can potentially recover their losses by pursuing FINRA arbitration.

FINRA Rule 2020

FINRA Rule 2020 bans the use of fraudulent tactics, like deception or manipulation, as they relate to the purchase and sale of securities.

Background Information

Azmi Sharif has passed the following exams:

  • Series 66 – Uniform Combined State Law Examination
  • SIE – Securities Industry Essentials Examination
  • Series 7 – General Securities Representative Examination

He previously worked for LPL Financial (CRD#:6413) and Woodbury Financial Services (CRD#:421).

Kurta Law Can Help

If you worked with Azmi Sharif and you have concerns about your investments, please contact us today at 877-600-0098 or info@kurtalawfirm.com for a free consultation.

For over 20 years, Kurta Law has advocated on behalf of investors who want to recover their investment losses from brokers and brokerage firms. Kurta Law is a nationally recognized law firm and exclusively represents investors against brokers and brokerage firms on a contingency basis. This means that the firm only earns a fee if our securities attorneys recover money on your behalf.