Securities Arbitration Lawyer Blog
The Financial Industry Regulatory Authority (“FINRA”) has barred stockbroker Mayur T. Dalal from the securities industry. Mr. Dalal was expelled from the brokerage industry after refusing to cooperate with a FINRA investigation into allegations related to his termination from Kestra Investment Services, LLC. Mr. Dalal was associated with Kestra Investment Services from June 2016 until he was discharged in February 2020 over allegations that he engaged in undisclosed private securities transactions and outside business activity.
If you have lost money with broker Mayur Dalal or Kestra Investment Services, LLC, contact New York securities arbitration law firm Iorio Altamirano LLP for a free and confidential evaluation of your account.
FINRA Letter of Acceptance, Waiver, and Consent No. 2020065664201
Mayur T. Dalal and FINRA entered into a Letter of Acceptance, Waiver, and Consent (“AWC”) on March 9, 2021, after Mr. Dalal refused to provide on-the-record testimony in connection with FINRA’s investigation into whether Mr. Dalal participated in an undisclosed private securities transaction and outside business activity.
On February 19, 2021, in connection with FINRA’s investigation, FINRA sent a request to Mr. Dalal to provide on-the-record testimony pursuant to FINRA Rule 8210. On February 22, 2021, Mr. Dalal, through his attorney, stated in an email that he would not appear for on-the-record testimony at any time.
By refusing to appear for on-the-record testimony, Mr. Dalal violated FINRA Rules 8210 and 2010. Accordingly, FINRA barred him from associating with any broker-dealer in all capacities.
Financial Advisor Mayur T. Dalal (CRD No. 1853077)
Mayur Dalal had 31 years of experience in the securities industry and has been associated with the following broker-dealers:
- Kestra Investment Services, LLC in New Hyde Park, NY, from June 2016 until February 2020.
- AXA Advisors, LLC in New York, NY, from July 1988 until June 2016.
- The Equitable Life Assurance Society of the United States in New York, NY, from July 1988 until June 2016.
In 2017, Mr. Dalal was the subject of a customer complaint alleging $117,000 in damages. The customer alleged that he was not properly informed of the fees and charges associated with a variable annuity purchase in 2013. The customer did not file a securities arbitration complaint. Instead, he sent a written complaint directly to the firm. The complaint was later withdrawn for unknown reasons.
Kestra Investment Services, LLC: A Duty to Supervise
Financial institutions like Kestra Investment Services, LLC must properly supervise financial advisors and customer accounts. Brokerage firms are required to establish and maintain a reasonably designed system to oversee account activity, such as private securities transactions, to ensure compliance with securities laws and industry regulations. When a brokerage firm fails to supervise its financial advisors or the investment account activity sufficiently, it may be liable for investment losses sustained by customers.
How to Recover Losses or Obtain a Free Consultation
Iorio Altamirano LLP is a securities arbitration law firm based in New York, NY. We pursue FINRA arbitration claims nationwide on behalf of investors to recover financial losses arising out of wrongful conduct by financial advisors and brokerage firms.
If you have lost money with Mayur Dalal or Kestra Investment Services, LLC, contact New York securities arbitration lawyers August Iorio and Jorge Altamirano of Iorio Altamirano LLP at august@ia-law.com, jorge@ia-law.com or toll-free at (855) 430-4010 for a free and confidential evaluation of your account.