Public records published by the Financial Industry Regulatory Authority (FINRA) on January 2, 2017 indicate that New Jersey-based Merrill Lynch broker/adviser Nas Allen is currently under FINRA investigation. Fitapelli Kurta is interested in hearing from investors who have complaints regarding Mr. Allen (CRD# 4562149).
Nas Allen, also known as Sean Allen and Steven Allen, has spent fourteen years in the securities industry and has been registered with Merrill Lynch in Milltown and Somerset, New Jersey since December 2015. Previous registrations include Liberty Partners Financial Services in Mount Pleasant, South Carolina; Meyers Associates in New York, New York; Obsidian Financial Group, which has been expelled by FINRA, in New York, New York; JHS Capital Advisors in Staten Island, New York; Joseph Stevens & Company in New York, New York; Great Eastern Securities in New York, New York; and JP Turner & Company in New York, New York. He is a registered broker and investment adviser with thirteen US states and territories.
According to his BrokerCheck report, Nas Allen has received one customer complaint and is the subject of a pending FINRA investigation.
In October 2016 Nas Allen was named in an investigation by FINRA into “potential violations of FINRA Rules 2111 and 2010 during his previous employment with Meyers Associates, L.P.” FINRA Rule 2111 stipulates that every broker or investment adviser must “have a reasonable basis to believe” when they recommend and investment or an investment strategy that the securities and strategies in question are suited to their clients needs, goals, and experiences. This suitability determination should reflect information gained through a “reasonable” due diligence effort to determine the customer’s investment profile. FINRA Rule 2010 states that FINRA members must “observe high standards of commercial honor and just and equitable principles of trade.” The investigation remains pending.
In 2014 a customer alleged Nas Allen, while employed at Meyers Associates, failed to enter a stop loss order. The complaint settled for $10,066.
If you have complaints regarding Nas Allen, call Fitapelli Kurta at 877-238-4175 for a free consultation. You may be entitled to recoup your losses. All cases are taken on contingency: we only receive payment if and when you recover money. You may have a limited window to file your complaint, so we encourage you to avoid delay. Call 877-238-4175 now to speak to an attorney for free.