Kumail Abbas Named in Suitability Dispute

Kumail Abbas (CRD #: 5722935), a broker registered with Network 1 Financial Securities, is the subject of a pending investor dispute, according to his BrokerCheck record, accessed on September 5, 2022. Read on to learn more about Kumail Abbas’ conduct as a broker.

Investor Dispute

On June 9, 2022, an investor named Kumail Abbas in allegations involving suitability occurring from 2016-2018. The client seeks $100,000 in this pending dispute.

FINRA Rule 2111

FINRA Rule 2111 requires that brokers tailor their recommendations of investments to their clients’ profiles. An investor’s profile includes information about their risk tolerance, age, and financial goals.

Common violations of this rule include:

• Recommendations of high-risk investments, which are more likely to lose money, or illiquid investments, which can be difficult to sell in the short term.
• Churning or excessive trading, which is quantitatively unsuitable. This means that the overall trading activity executed by a broker failed to serve an investor’s goals.
• Recommendations of unsuitable investment strategies, like overconcentration.

Investors who rely on their broker for recommendations may be able to recover their losses by seeking out FINRA arbitration.

Background Information

Kumail Abbas has passed the following exams:

• Series 63 – Uniform Securities Agent State Law Examination
• SIE – Securities Industry Essentials Examination
• Series 7 – General Securities Representative Examination

Kumail Abbas is a registered broker in 43 states.

He has also worked for the following firms:

• Laidlaw & Company (UK) (CRD#:119037)
• Cape Securities (CRD#:7072)
• C.K. Cooper & Company (CRD#:106578)
• Cape Securities (CRD#:7072)
• EKN Financial Services (CRD#:113525)
• Itradedirect.com Corporation (CRD#:18281)
• Liberty Partners Financial Services (CRD#:130390)

Kurta Law Can Help

If you worked with Kumail Abbas and you have concerns about your investments, please contact us today at 877-600-0098 or info@kurtalawfirm.com for a free consultation.

For over 20 years, Kurta Law has advocated on behalf of investors who want to recover their investment losses from brokers and brokerage firms. Kurta Law is a nationally recognized law firm and exclusively represents investors against brokers and brokerage firms on a contingency basis. This means that the firm only earns a fee if our securities attorneys recover money on your behalf.