BROKER REPORT: Churning Complaints Regarding Dwarka Persaud

The securities fraud attorneys are interested in hearing from investors with complaints involving Dwarka Persaud.  Per his BrokerCheck Report, maintained by the Financial Industry Regulatory Authority (“FINRA”), Mr. Persaud is a registered stock broker with Buckman, Buckman & Reid, based out of Shrewsbury, NJ.

Mr. Persaud’s BrokerCheck Report indicates that he has been the subject of at least six customer complaints.  At the center of several of these complaints was churning and excessive commissions.  Churning is the frequent,over-trading of a customer’s account by the broker to generate high commissions paid by the customer, benefitting the broker and the firm.  Churning is against the law and industry regulations.

Mr. Persaud is reportedly the subject of at least two currently pending customer complaints, each alleging and “unauthorized trading.”  One of these complaints also alleges churning.  The other alleges that the unauthorized trading caused more than $45,000 in losses.

Just last year, Mr. Persaud was reportedly the subject of another customer dispute alleging “churning,” “breach of fiduciary duty” and “unsuitable investments.”  The case, alleging $100,000 in damages, was reportedly settled for $25,000.

In 2011, Mr. Persaud was again the subject of a “churning, excessive commissions” complaint that settled for $55,000, per FINRA.  Mr. Persaud was the subject of a 2000 customer complaint, in which the customer was reportedly granted $40,000 in damages.

In addition to Buckman, Buckman & Reid, Mr. Persaud has also reportedly been registered with Garden State Securities, Andrew Garrett, Inc., The Concord Equity Group, Gunnallen Financial and Aura Financial Services.

If you or a family member lost money invested with Dwarka Persaud, you are encouraged to contact the securities fraud lawyers at Malecki Law for a free consultation and case evaluation at (212) 943-1233.

Malecki Law has successfully brought securities actions on behalf of investors who suffered losses as a result of unscrupulous actions taken in their securities accounts, recovering millions of dollars for their clients.

Malecki Law takes a proactive and informed approach to the financial news of today: actively engaging in fact-finding analysis on prospective cases from around the world. Our thorough knowledge of securities law’s history and fine points makes us ideal consultants for investors who have suffered losses due to misadvice from their broker or other financial counsel.

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