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Viqas Akhtar Allegedly Engaged in Excessive Trading

Viqas Akhtar (CRD #: 5624412), a broker registered with B. Riley Wealth Management, is the subject of an investor dispute. This is according to his BrokerCheck record, accessed on December 21, 2023. Keep reading if you have questions regarding his alleged conduct as a broker. 

On November 8, 2023, an investor alleged that Viqas Akhtar entered transactions without authorization and traded in a client’s account excessively. The investor is seeking $192,995. 

On July 1, 2023, an investor alleged that Viqas Akhtar recommended unsuitable investments and engaged in excessive trading. 

There are two settled disputes on Viqas Akhtar’s record that allege he recommended unsuitable investments. These collectively settled for $75,000. 

What is Excessive Trading? 

FINRA Rule 2111, a.k.a. The Suitability Rule, requires brokers to tailor their investment recommendations to suit investors’ needs. Each trade comes with a transaction fee, so too many transactions will result in excessive fees for the investor. Excessive trading is also known as “churning.” 

Rule 2111 also requires brokers to consider the following investor characteristics: 

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

Investments that do not fit the criteria established by the investor profile may be unsuitable. Investors who rely on brokers for recommendations may recover their losses by pursuing FINRA arbitration.

Background Information 

Viqas Akhtar has passed the following exams: 

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

He is a registered broker in 24 states. 

Viqas Akhtar has registered with the following firms: 

  • B. Riley Wealth Management (CRD #: 2543) 
  • National Securities Corporation (CRD #: 7569) 
  • VFinance Investments (CRD #: 44962) 
  • Rockwell Global Capital (CRD #: 142485) 

Kurta Law Can Help 

If you have worked with Viqas Akhtar and have concerns about your investments, do not hesitate to contact us at 877-600-0098 or 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.