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Daniel Solakian Embroiled in a Six-Figure Investor Dispute

Nov 15, 2021 Investor Disputes

Daniel Solakian (CRD #:5775341), a registered broker with Allied Millennial Partners, is involved in an investor dispute, according to his BrokerCheck record, accessed on November 3, 2021. He is also a registered investment advisor with Millennial Advisers.

Investor Allegations

On September 2, 2021, an investor filed a dispute against Daniel Solakian alleging that the broker made an unsuitable investment recommendation. The damage amount requested is $250,000. The dispute is still pending. 

Brokers are required to have a reasonable basis for recommending an investment according to FINRA Rule 2111. Investors who rely on their brokers for recommendations may be able to recover their losses through FINRA arbitration.

FINRA Rule 2111- Suitability

FINRA Rule 2111 defines suitable investments as securities that fit an investor's profile. An investor's profile includes information about their risk tolerance, financial goals, and age. 

  • Investments can be unsuitable because they are high risk and likely to lose money, making them qualitatively unsuitable for many investors.
  • Securities can be quantitatively unsuitable, which means that brokers executed an excessive number of trades.
  • Securities may also be unsuitable because they are illiquid, meaning that they are intended to be held for an extended time, and investors may have to pay high fees to cash out.
  • These requirements apply to the overall investment strategy as well as the investments themselves. For instance, an investment strategy might be unsuitable if the securities are over-concentrated in a particular stock or sector.

Daniel Solakian Background Information

Daniel Solakian has passed the following exams:

  • Series 65 - Uniform Investment Adviser Law Examination
  • Series 63 - Uniform Securities Agent State Law Examination
  • SIE - Securities Industry Essentials Examination
  • Series 7 - General Securities Representative Examination

Daniel Solakian is a registered broker in 22 states. He is a registered investment adviser in 20 states.

Besides Allied Millennial Partners and Millennial Advisers, Daniel Solakian has worked with the following firms:  

  • NSM Securities (CRD#:134357)
  • Max International Broker/Dealer (CRD#:46039)

Kurta Law Can Help

If you have worked with Daniel Solakian and have concerns about your investments, don't hesitate to contact us today at 877-600-0098 or info@kurtalawfirm.com for a free consultation.

For nearly 20 years, Kurta Law has advocated for investors 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. Please contact us today if you would like us to evaluate your potential case.