- May 19, 2019
- National Securities Corp.
Mohamed Yassin was a Financial Advisor at National Securities Corp. and and Morgan Stanley in Garden City, NY. Mohamed Yassin entered the securities industry in 1990 and previously worked at UBS Financial Services and Prudential Securities Inc.
According to publicly available records released by the Financial Industry Regulatory Authority (FINRA), in October 2018, FINRA sanctioned Mohamed Yassin, barring him from the securities industry for failing to comply with a FINRA arbitration award or respond to a FINRA request for information.
This regulatory sanction followed Mohamed Yassin’s termination by Morgan Stanley for “failure to verbally confirm transactions prior to execution in clients’ accounts,” referred to in the industry as unauthorized trading. It is required by FINRA rules and other governing regulations that Financial Advisors obtain authorization for all trades placed in non-discretionary accounts prior to executing those trades. If a trade is unauthorized, the customer may be entitled to rescission of the trade, plus any damages caused or commissions charged.
In addition, Mohamed Yassin was the subject of two customer complaints in 2017. The first complaint, which alleged “excessive trading” was settled for $602,717. The second complaint, which also alleged “excessive trading,” was settled for $457,034.
For a copy of Mohamed Yassin’s CRD, click https://brokercheck.finra.org/individual/summary/1673281#disclosuresSection.
Financial advisors have a legal and regulatory obligation to recommend only suitable investments that are appropriate for their clients’ needs and objectives. Their employing brokerage firm has a legal and regulatory obligation to supervise the Financial Advisors’ sales practices and dealings with clients. To the extent any of these duties are breached, the customer may be entitled to a recovery of his or her investment losses.
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