FINRA recently announced, that Kapil Shashikant Shah, of Grant Bettingen, Inc. in Jersey City, New Jersey, has been fined $10,000 and suspended from association with any FINRA member in any capacity for 20 business days (the suspension was effective from August 3, 2009 through August 28, 2009). Without admitting or denying the allegations, Kapil Shah consented to findings that he made misrepresentations or omitted material facts in his conversations with customers/investors. The findings further stated that Shah had no reasonable basis for a price prediction or promises of unrealistic returns.
According to his FINRA Broker Report (CRD), FINRA’s investigation of Kapil Shashikant Shah is not the first time that Shah has been named in a claim related to possible securities fraud while at Grant Bettingen or one of his previous firms. Shah has also been named in at least three customer complaints alleging securities fraud. Specifically, the customer claims against Shah included claims for unauthorized trading, unauthorized use of margin, speculation (unsuitability) and failure to execute a trade request.
Grant Bettingen, Inc., (Shah’s current employer) is a securities broker-dealer based in New York City. Prior to working at Grant Bettingen, Inc., Kapil Shah acted as a financial advisor for Investors Capital Corp. (a FINRA registered brokerage firm based in Jersey City, New Jersey), Wunderlich Securities, Inc. (a FINRA registered brokerage firm based in Memphis, Tennessee), and Brookstreet Securities Corporation (another FINRA registered brokerage firm based in Jersey City, New Jersey).
If you have questions about investments you made with Kapil Shashikant Shah or Grant Bettingen, Inc., or if you believe that you have been the victim of a securities fraud, the Law Offices of David A. Carter, P.A. may be able to help. The Law Offices of David A. Carter, P.A. is a South Florida securities fraud, securities arbitration, investor protection, and Chapter 7 bankruptcy law firm based in Boca Raton. David Carter is a securities attorney that reviews securities fraud cases throughout the country and the New York area, including reviewing securities fraud cases in Newark, Manhattan, Rutherford, Queens, Brooklyn, Long Island, and Greenwich. To contact the Law Offices of David A. Carter, P.A., please call 561-750-6999, or email us at contact@carterpa.com. For more information about the Law Offices of David A. Carter, P.A., you can also visit our website at www.carterpa.com.