Farzad Raufi: $120K Complaint Against Former Merrill Advisor

San Jose financial advisor Farzad Raufi (CRD# 6943330) recently received an investor complaint alleging that his conduct resulted in six-figure damages. Financial Industry Regulatory Authority records show that he is registered as a broker with Fidelity Brokerage Services and an investment advisor with Fidelity Personal and Workplace Advisors, having previously been registered with Merrill Lynch.

Mr. Raufi’s BrokerCheck report discloses one investor complaint. Filed in July 2024, it alleges that as a representative of Merrill Lynch, he misrepresented material facts and failed to follow instructions. The pending complaint alleges damages of $120,000.

Investors should be aware that FINRA Rule 2010 requires advisors like Mr. Raufi to “observe high standards of commercial honor and just and equitable principles of trade.” Various types of misconduct, including the failure to follow a customer’s instructions, may constitute violations of FINRA Rule 2010, provided the alleged activities occur “in the conduct of [the member’s] business.” Brokers who fail to uphold FINRA Rule 2010 may be held liable in the event of losses.

According to the Financial Industry Regulatory Authority, Farzad Raufi holds five years of securities industry experience. Based in San Jose, California, he has been registered as a broker with Fidelity Brokerage Services and an investment advisor with Fidelity Personal and Workplace Advisors since 2022. He was previously registered with Merrill Lynch from 2018 until 2022. His credentials include the passage of three securities industry qualifying exams: the General Securities Representative Examination, or Series 7; the Securities Industry Essentials Examination, or SIE; and the Uniform Combined State Law Examination, or Series 66. He is licensed in Arizona, California, Idaho, Massachusetts, Nevada, Oregon, Tennessee, Texas, Utah, and Washington. (Information current as of July 30, 2024.)

Carlson Law represents investors throughout the United States in claims against financial advisors and investment firms. If you or a loved one have suffered investment losses, please call us at 888-976-6111 or complete our contact form for a free and confidential consultation.