Former Lincoln Financial Broker Imran Razvi Suspended for Private Securities Transactions
Imran Nazir Razvi of Frederick Maryland submitted a Letter of Acceptance, Waiver, and Consent (AWC) in which he was fined and suspended by the Financial Industry Regulatory Authority (FINRA) for allegedly engaging in private securities transactions, a type of stockbroker misconduct known as selling away. Between April 2017 and December 2017, while employed by Lincoln Financial Securities Corporation, Imran Razvi was denied approval to use a company he formed to refer investors to a supposed real-estate investment fund called Woodbridge Group of Companies LLC (Woodbridge). Despite being denied by his member firm, Imran Razvi, through his ownership of the company, received portions of commissions received by agents under his supervision. Subsequently, Woodbridge filed for bankruptcy and the U.S. District Court for the Southern District of Florida issued judgments against Woodbridge and its former owner, Robert Shapiro, who were required to disgorge the ill-gotten gains and pay a civil penalty.
Continue Reading