Former Lenexa, Kansas broker and investment adviser Douglas Elstun (CRD# 2338588) has been named in a pending SEC enforcement action...Read More
Mazi Monshi: Investor Alleges IFP Rep Caused $3.9MM Losses
Boca Raton broker and investment adviser Mazi Monshi (CRD#: 2629721) recently received a pending customer complaint alleging his investments recommendations led to seven-figure losses. According to records provided by the Financial Industry Regulatory Authority (FINRA), Monshi is currently registered with IFP Securities.
Mazi Monshi’s BrokerCheck report currently lists two settled investor complaints and one pending investor complaints against him.
The most recent complaint, filed in 2020, alleges that as a representative of LPL Financial, Mazi Monshi recommended unsuitable investments in real estate investment trusts and business development companies. (For reference, an investment’s “suitability” refers to its appropriateness for a customer’s unique investment profile, which takes into consideration such factors as their age, net worth, income, investment experience, and investment goals.) The pending complaint alleges damages of $3.9 million.
A complaint filed in 2008 alleged that as a representative of Raymond James Financial Services, Mazi Monshi executed an erroneous trade involving uninsured Phoenix, Arizona Development Authority Multifamily Revenue Bonds. The complaint reached a settlement of $39,151.
According to Financial Industry Regulatory Authority records, Mazi Monshi has been registered as a broker and investment adviser with IFP Securities in Boca Raton, Florida since 2019. His prior registrations include LPL Financial in Boca Raton, Florida; Ameriprise Financial Services in Boca Raton, Florida; Raymond James Financial Services in Boynton Beach, Florida; WM Financial Services in Coral Springs, Florida; WM Financial Services in Irvine, California; Prudential Securities in New York, New York; JW Charles Securities in Boca Raton, Florida; and Gruntal & Company in New York, New York. He has passed four securities industry qualifying examinations: the Uniform Investment Adviser Law Examination, or Series 65; the Uniform Securities Agent State Law Examination, or Series 63; the Securities Industry Essentials Examination, or SIE; and the General Securities Representative Examination, or Series 7. He holds 20 state securities licenses. (Information current as of July 13, 2021.)