Illinois Seeks Revocation of Sharif Sharif’s License

Sharif Sharif (CRD #: 2343413), a broker formerly registered with LPL Financial, is the subject of a state regulatory action, according to his BrokerCheck record, accessed on April 12, 2025. Read on if you want to know more about his alleged conduct as a broker.

Illinois Regulatory Action

On February 2, 2025, the State of Illinois filed a regulatory action against Sharif Sharif seeking the revocation of his license.

The state cited Sharif Sharif’s entering into a Letter of Acceptance, Waiver and Consent (AWC) with FINRA, which alleged that he engaged in a private securities transaction without his firm’s approval.

This action is currently pending.

FINRA Rule 2010

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

FINRA Rule 3280

FINRA Rule 3280 requires brokers to seek approval from their firm before engaging in private securities transactions.

FINRA Suspension

On June 26, 2024, Sharif Sharif consented to the entry of findings that he allegedly participated in private securities transactions without providing prior notice to his firm, LPL Financial.

According to an AWC, Sharif Sharif was allegedly a founding investor of a crypto asset mining company. He allegedly participated in a video call on February 27, 2022, where he and a business partner allegedly answered questions from four LPL Financial clients about a potential investment in the company.

He allegedly also described the company’s business model, the amount of money it hoped to raise, and potential returns for investors.

In April 2022, the four clients and four of their family members allegedly collectively invested approximately $900,000 in simple agreements for future equity (SAFEs). These funds would be used to purchase crypto asset mining equipment, among other things.

However, the company allegedly altered its business model before reaching its funding goal, resulting in customer complaints to LPL Financial.

The AWC concluded that these allegations constituted violations of FINRA Rules 3280 and 2010.

Sanctions

Sharif Sharif consented to the following sanctions:

• Nine-month suspension from associating with FINRA members
• $5,000 fine

His suspension began on July 1, 2024, and will end on March 31, 2025. You can read the AWC here.

Termination from LPL Financial

On December 20, 2022, Sharif Sharif was fired from LPL Financial after he allegedly failed to properly disclose an outside business activity and notify the firm before participating in private investments.

FINRA Rule 3270

FINRA Rule 3270 requires brokers to disclose to their firm any business activities they engage in outside it, including any compensation they expect to receive.

Other business activities

Sharif Sharif’s detailed BrokerCheck report notes that he is involved in Sharif Wealth Strategies, doing business as The Other Side of Medicine.

Investor Dispute

On July 5, 2022, an investor filed a dispute alleging that Sharif Sharif gave an unsuitable recommendation of a private placement and also made misrepresentations about the investment between March 1, 2022, and the date of filing. The client received a settlement of $500,000.

FINRA Rule 2111

FINRA Rule 2111 requires brokers to recommend securities that adequately fit an investor’s financial goals. Brokers must take into account the information described in an investor’s profile, such as their tax status, risk tolerance, and other investments.

Investors who rely on their broker for recommendations may be able to recoup their losses by pursuing FINRA arbitration.

FINRA Rule 2020

FINRA Rule 2020 prohibits the use of manipulative, deceptive, or otherwise unethical methods to influence investors’ decisions. Misrepresenting an investment’s fees, risks, or other features violates this rule.

Background Information

Sharif Sharif 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 6 – Investment Company Products/Variable Contracts Representative Examination

He has also worked for the following firms:

• LPL Financial (CRD#:6413)
• Woodbury Financial Services (CRD#:421)
• AXA Advisors (CRD#:6627)
• Mony Securities Corporation (CRD#:4386)

Kurta Law Can Help

If you worked with Sharif Sharif 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.