Shahab TagnaviDinani Suspended by FINRA for Alleged Unauthorized Trading
Shahab TagnaviDinani (CRD #: 2503652), a broker registered with Sovereign Global Advisors, allegedly executed unauthorized trades, according to his BrokerCheck record, accessed on July 4, 2023. If you want to know more about his alleged conduct as a broker, keep reading.
FINRA Suspension
On May 2, 2023, Shahab TagnaviDinani consented to the entry of findings that he executed unauthorized trades in a deceased client’s account between January and November 2021.
According to a Letter of Acceptance, Waiver & Consent (AWC), Customer A allegedly maintained a non-discretionary account at Park Avenue Securities, for which only they had the authority to authorize transactions, with Shahab TagnaviDinani as its broker.
On January 17, 2021, the client died, which Shahab TagnaviDinani allegedly learned the next day.
During the relevant period, Shahab TagnaviDinani allegedly placed 48 unauthorized buy and sell orders in Customer A’s account. Though he allegedly discussed several of these trades with surviving members of Customer A’s family, they did not have authorization to approve trades.
Shahab TagnaviDinani allegedly received $1,998.77 in commissions from these unauthorized trades.
The AWC concluded that these allegations constituted violations of FINRA Rule 2010.
FINRA Rule 2010
FINRA Rule 2010 holds brokers to high standards of commercial honor and just and equitable principles of trade.
Sanctions
Shahab TagnaviDinani consented to the following sanctions:
- $5,000 fine
- 45-calendar day suspension
- $1,998.77 disgorgement plus interest
His suspension began on June 5, 2023, and will end on July 19, 2023.
You can read a copy of the AWC here.
Background Information
Shahab TagnaviDinani has passed the following exams:
- Series 63 – Uniform Securities Agent State Law Examination
- SIE – Securities Industry Essentials Examination
- Series 7 – General Securities Representative Examination
Shahab TagnaviDinani is a registered broker in Arizona, California, Oregon, Texas, and Virginia.
He has also worked for the following firms:
- Park Avenue Securities (CRD#:46173)
- Union Capital Company (CRD#:110301)
- The Williams Financial Group (CRD#:22704)
- Pro-Integrity Securities (CRD#:44707)
- Saxony Securities (CRD#:115547)
- Clearing Services of America (CRD#:23623)
- Coastline Financial (CRD#:16711)
Kurta Law Can Help
If you worked with Shahab TagnaviDinani 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.
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