Investors Seek $2.7 Million in Disputes with Hagop Nalbandian

Hagop Nalbandian (CRD #: 2921246), a broker registered with Vanderbilt Securities, allegedly made misleading investment recommendations, according to his BrokerCheck record, accessed on August 2, 2025. You can find more information below about Hagop Nalbandian’s alleged conduct as a broker.

Investor Disputes

Pending disputes filed on April 21 and 28, 2025, alleged that Hagop Nalbandian made misleading and unsuitable investment recommendations. These disputes seek a total of $2.7 million in damages.

In a dispute filed on January 3, 2024, an investor alleged that Hagop Nalbandian misrepresented an investment. This dispute was settled for $125,000.

On December 23, 2022, an investor filed a dispute alleging that Hagop Nalbandian recommended unsuitable investments and engaged in negligence. The client received a settlement of $150,000.

On December 29, 2021, an investor named Hagop Nalbandian and other brokers in allegations including recommendations of unsuitable investments, failure to supervise, breach of contract, and violations of Section 10(b) of the Securities Exchange Act of 1934, the California Securities Act, and FINRA Rules 2090 and 2010.

These allegations concerned non-traded real estate investment trusts (REITs) and other trusts. The dispute was settled for $108,500. You can read the full arbitration award here.

What is an Unsuitable Investment?

FINRA Rule 2111 requires brokers to evaluate whether an investment fits their investor’s financial goals. Brokers must examine the investor’s profile, which contains the following investor characteristics:

• Age
• Financial goals
• Risk tolerance
• Time horizon (i.e., how long the investor plans to hold the investment)
• Investing experience
• Tax status

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

FINRA Rule 2020

FINRA Rule 2020 prohibits the use of manipulation, deception, and other fraudulent methods to influence investors’ decisions. The misrepresentation or omission of material facts violates this rule.

FINRA Rule 3110

FINRA Rule 3110 requires that firms establish systems of supervision to ensure their compliance with securities regulations. Firms must appoint supervisors and provide them with Written Supervisory Procedures (WSPs) to follow.

FINRA Rule 2090

FINRA Rule 2090 requires firms to obtain and keep certain essential facts about their clients and the individuals authorized to act on their behalf.

FINRA Rule 2010

FINRA Rule 2010 holds brokers to high standards of commercial honor and just and equitable principles of trade.

Securities Exchange Act of 1934

Section 10(b) of the Securities Exchange Act of 1934 forbids the use of manipulative or deceptive devices in relation to the purchase or sale of securities.

What are blue sky laws?

Blue sky laws like the California Securities Act are state-level regulations that offer investors an additional layer of protection against securities fraud. They typically also describe what types of investments must register with the state securities board.

What are real estate investment trusts?

A real estate investment trust (REIT) allows investors to pool their funds in a portfolio of income-generating real estate without taking on any responsibility for managing the properties. However, REITs tend to be illiquid, which makes them unsuitable for some investors.

Background Information

Hagop Nalbandian has passed the following exams:

• Series 63 – Uniform Securities Agent State Law Examination
• SIE – Securities Industry Essentials Examination
• Series 7 – General Securities Representative Examination

Hagop Nalbandian is currently registered as a broker in California, Colorado, Nevada, and South Carolina.

He has worked for the following firms:

• Western International Securities (CRD#:39262) 
• Financial West Group (CRD #:16668)
• Linsco/Private Ledger Corp. (CRD #:6413)
• Essex National Securities, Inc. (CRD #:25454)
• Citicorp Investment Services (CRD #:23988)
• Cal Fed Investments (CRD #:19631)
• Biltmore Securities, Inc (CRD #:25023)

Kurta Law Can Help

If you worked with Hagop Nalbandian and 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.