Neville Golvala and Choice Trade Facing FINRA Fines
Neville Golvala (CRD #: 1710355), a broker registered with ChoiceTrade, is the subject of a $15,000 FINRA fine, according to the most recent disclosure on his BrokerCheck record, accessed on July 25, 2023. FINRA alleges that ChoiceTrade violated securities industry rules with marketing materials that made misleading statements about a crypto asset business. Keep reading for more details.
According to an Acceptance, Waiver, and Consent agreement (AWC) dated June 9, 2023, Neville Golvala negligently caused the dissemination of misleading promotional materials. These misstatements and omissions were made in connection to two securities offerings for ChoiceTrade Holdings. Misleading promotional materials violate FINRA Rule 2010 and Sections Sections 17(a)(2) and (3) of the Securities Act.
ChoiceTrade promotional materials allegedly claimed to be “uniquely positioned to become the leading online crypto broker,” even though ChoiceTrade allegedly at no time had any type of crypto asset business. These materials also allegedly advertised a “1,000X upside potential” and that a “$10,000 investment could soon turn into $600,000.” According to the AWC, there was no basis for these claims regarding ChoiceTrade’s share price.
Terms of the AWC
As part of the terms of the AWC, Neville Golvala consented to a three-month suspension and a $15,000 fine.
You can read the AWC here.
Sections 17(a)(2) and (3) of the Securities Act
Sections 17(a)(2) and (3) make it unlawful for a broker to obtain money or poverty by means of any untrue statement of material fact or any omission of material fact that by their omission would make the fact misleading.
FINRA Rule 2010
FINRA Rule 2010 holds brokers to high standards of commercial honor and just and equitable principles of trade. Violations of the Securities Act also violate FINRA Rule 2010.
Neville Golvala has passed the following exams:
- Series 65 Uniform Investment Adviser Law Examination
- Series 63 Uniform Securities Agent State Law Examination
- Series 99TO Operations Professional Exam
- Series 57TO Securities Trader Exam
- SIE – Securities Industry Essentials Examination
- Series 55 Limited Representative-Equity Trader Exam
- Series 7 General Securities Representative Examination
- Series 6 Investment Company Products / Variable Contracts Representative Examination
- Series 14 Compliance Officer Examination
- Series 53 Municipal Securities Principal Examination
- Series 27 Financial and Operations Principal Examination
- Series 4 Registered Options Principal Examination
- Series 24 General Securities Principal Examination
He is a registered broker in 15 states.
Aside from ChoiceTrade (CRD #: 104201), Brody Bray has registered with the following firms:
- National Discount Brokers (CRD #: 27501)
- Fleet Enterprises (CRD #: 17434)
- The Wellington Group (CRD #: 17814)
- Townsley Associates & Company (CRD #: 14211)
- First Investors Corporation (CRD #: 305)
Kurta Law Can Help
If you worked with Neville Golvala and you have concerns about your investments, please contact us today at 877-600-0098 or firstname.lastname@example.org 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.