Former LPL Financial Broker Suhail Khan Barred by FINRA

Chicago-based broker Suhail Khan was permanently barred from working in the industry by FINRA after failing to respond to requests for information during a regulatory investigation into his conduct. Prior to getting barred, Khan was registered at LPL Financial from 2013 to 2017. It was during that time that the alleged misconduct occurred.

According to his BrokerCheck report, he has one pending dispute from May 2018. The customer alleges in his case that Khan made unsuitable and speculative investments into a real estate investment trust, oil and gas partnerships, a hedge fund, and Khan's own business. According to the customer, some of the investments included unregistered securities in contravention to federal and state securities laws. The damages sought in this case are $775,000.

It is not yet clear the scope or nature of the alleged private securities transactions Khan may have participated in with his client's funds. However, the disclosures on Khan's BrokerCheck report mention a variety of "outside business activities", such as SK Associates Financial and Omni Casualty and Property Insurance. There is a recognized risk in the industry that brokers will use their outside businesses to carry out or conceal securities laws violations and other misconduct. It is precisely because of this risk that firms are held to the standard of diligently supervising their brokers’ outside activities, including having adequate procedures for reviewing, analyzing, follow up on, and monitoring both permitted and prohibited outside business activities. If they do not, firms can be held liable when brokers' misconduct results in losses to investors.

Did You Lose Money While Working With Suhail Khan?

If you lost money while investing with Suhail Khan, the investment fraud attorneys at Meyer Wilson would like to hear from you. Call us at (800) 738-1960 today for a consultation. We can help recoup your losses.

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