The Law Firm of David R. Chase, PA, headed by former SEC Prosecutor, David R. Chase, is investigating legal claims against potentially responsible parties for losses sustained by customers of NSM Securities, LLC.
The Financial Industry Regulatory Authority, FINRA, expelled NSM Securities from the securities industry, alleging multiple violations of securities industry rules. In FINRA’s Order Accepting Offer of Settlement, it alleged that NSM Securities “…derived most of its revenue from actively and aggressively trading stocks in the commission-based accounts of its retail customers.” The FINRA Order additionally alleged that NSM’s former President and CEO, Niyukt R. Bhasin, “fostered a culture of non-compliance that resulted in widespread sales practice violations, numerous customer complaints, related reporting violations, and cold-calling abuses.”
In a separate FINRA enforcement action against NSM’s former Chief Compliance Officer, FNRA claimed that: “NSM’s business model is to solicit customers who are high net worth individuals of Indian descent, and then engage in a highly active trading strategy in their accounts involving only a few securities.”
While NSM is no longer in business, there may potentially be other parties legally responsible for NSM customer losses.
If you were a NSM customer who sustained investment losses and paid large commissions due to excessive trading in your account directed by your NSM stockbroker, please contact my law firm for a confidential, no-cost consultation on whether you have a legal right to recoup your losses.
Call toll-free at: 800-760-0912, or send an e-mail to firstname.lastname@example.org.