Viqas Akhtar Allegedly Made Excessive, Unauthorized Trades

Viqas Akhtar (CRD# 5624412[1]), a broker registered with B. Riley Wealth Management, made unauthorized and excessive trades, according to an investor dispute. MDF Law is investigating the Miami-based financial professional for similar conduct. Investors with concerns should contact us immediately for a free consultation.

To learn more about the disputes involving Mr. Akhtar, continue reading this post. The information below derives from his BrokerCheck profile, a Financial Industry Regulatory Authority (FINRA) record accessed on December 27, 2023. 

Pending Disputes Allege Trading Violations

Two parties of investors filed disputes involving Mr. Akhtar in 2023. The claims, which concerns investments in equity products, detail allegations of unauthorized transactions, excessive trading, and unsuitable investment recommendations. Both remain pending, seeking cumulative damages of more than $192,000.

Past Disputes Settled for $84,000

The above-described pending disputes are not the only ones in Mr. Akhtar’s record. In 2019 and 2020, three parties of investors lodged disputes that his former member firm settled. Two of these claims alleged unsuitable recommendations, while one alleged unauthorized trading. His firm settled the allegations for more than $84,000 in total.

Viqas Akhtar Denied Suitability Allegations

Mr. Akhtar issued a “Broker Statement” regarding a 2020 dispute that alleged suitability violations and settled for $37,500. “All investments the claimant made were suitable based on the claimant’s stated objectives for the account,” he asserted. “The registered representative intends to vigorously defend against these allegations.”

Understanding Excessive Trading and Churning

As FINRA official Chris Kelly explained in a 2020 podcast[2], excessive trading describes a broker’s execution of a high volume of trades in a given account “not to benefit the customer but to generate commissions for the broker.” This is distinct from churning, which refers to “a more egregious variation of excessive trading,” usually with “an intent to defraud or with reckless disregard for the customer’s interests.” FINRA cautions[3] investors to take certain safeguards against potential excessive trading. Among other things, they should scrutinize their account documents and trade confirmations for high-volume transactions and unusual charges.

FINRA: Akhtar Based in Miami

Viqas Akhtar launched his career as a broker in 2009, when he registered with Rockwell Global Capital’s branch office in Lake Mary, Florida. Later that year, he departed for VFinance Investments in Miami, which he left in 2012 for National Securities Corporation. He remained at National Securities until 2022, when he registered with B. Riley Wealth Management’s Miami office. With 13 years of experience as a broker, he has completed one state securities law exam and two general industry/products exams. 

Investors Have Rights. MDF Law Defends Them

Are you a current or former Viqas Akhtar client with concerns about your investment portfolio? Were your accounts inadequately diversified, or were certain risks or fees left undisclosed? You may be qualified to pursue a FINRA arbitration claim for lost funds. 

At MDF Law, our dedicated broker fraud attorneys have proven experience advocating for investors. Not only do our clients only pay a fee if they recover lost funds, but we currently offer free consultations nationwide. Call 800-767-8040 today to speak with an attorney.