Dharmesh Vora Fined $300,000 by the SEC

Dharmesh Vora (CRD #: 2629494) has been barred by the Securities and Exchange Commission. This disclosure appears on his BrokerCheck record, accessed on October 18, 2024. Keep reading if you have questions regarding his alleged conduct. 

Regulatory Action 

On September 16, 2024, the SEC alleged that Dharmesh Vora allegedly breached his fiduciary duty as the sole owner of Vora Wealth. He allegedly invested the majority of his investor’s wealth into risky structured notes without adequate disclosures. These notes were allegedly overly risky in light of his customer’s income goals, net worth, and retirement status. 

The SEC states that he has the right to re-apply after three years. 

The SEC also imposed a $300,000 fine and ordered Dharma Vora to repay his customers over $1.1 million dollars. 

Fiduciary Duties

Brokers are often dually registered as Registered Investment Advisers (RIAs) with the SEC. RIAs are fiduciaries, and fiduciaries are required to act in their clients’ best interests. Brokers are not fiduciaries but must abide by FINRA Rule 2111 and Regulation Best Interest. (To learn more about the differences between brokers and Registered Investment Advisers, click here.) 

Background Information 

Dharmesh Vora has passed the following exams:

• Series 65 Uniform Investment Adviser Law Examination 
• Series 63 Uniform Securities Agent State Law Examination 
• Series 6 Investment Company Products/ Variable Contracts Representative Examination 

During his 14 years of experience, he has registered with three firms: 

• Kalos Capital (CRD #: 44337) 
• Crown Capital Securities (CRD #: 6312)
• MML Investors Services (CRD #: 10409) 

Kurta Law Can Help 

If you worked with Dharmesh Vora and have concerns about your investments, do not hesitate to contact us at 877-600-0098 or email 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 that 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. Do not let securities fraud go unchecked. Start your recovery process today.