Pragnesh Bhatt: Saavi Financial Advisor Faces $615K Complaint

Bethesda, Maryland financial advisor Pragnesh Bhatt (CRD# 5769860) recently received an investor complaint alleging that his advice resulted in six-figure damages. Financial Industry Regulatory Authority records show that he is registered as a broker with NYLife Securities, doing business as Saavi Financial Group.

Mr. Bhatt’s BrokerCheck report discloses one investor complaint. Filed in September 2024, it alleges that as a representative of NYLife Securities, he misled the customer in connection with a variable annuity purchase and did not follow a request to reallocate sub-accounts. The pending complaint alleges damages of $615,240.83.

Saavi Financial Group’s website includes a profile of Mr. Bhatt that describes his background and experience as the firm’s president and founder. “The Company is built on a foundation of exceptional client service, trust, integrity, and open and honest communication,” it states. “He firmly believes that a solid strategic financial foundation is a powerful possession that offers a sense of peace and freedom. For the last 10 years, [he] has been a successful financial professional with New York Life Insurance Company, one of the largest life insurers in the world and a company that has consistently received high ratings for financial strength from all four major rating agencies.”

According to the Financial Industry Regulatory Authority, Pragnesh Bhatt holds 13 years of securities industry experience. Based in Bethesda, Maryland, he has been registered as a broker with NYLife Securities since 2011, doing business as Saavi Financial Group. His credentials include the passage of three securities industry qualifying exams: the Investment Company Products/Variable Contracts Representative Examination, or Series 6; the Securities Industry Essentials Examination, or SIE; and the Uniform Securities Agent State Law Examination, or Series 63. He is licensed in California, the District of Columbia, Florida, Illinois, Kentucky, Maryland, Missouri, New Mexico, New York, Texas, and Virginia. (Information current as of November 11, 2024.)

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