Zahir Walji—Undisclosed Outside Business Activities
Zahir Walji Allegedly Engaged in Two Outside Activities, a Grocery Market and Convenience Store, Undisclosed to UBS
Zahir Walji, from April 2011 through October 2012, and while associated with UBS, took part in two outside business activities and participated in six private securities transactions without providing prior written notice from UBS, according to a FINRA Letter of Acceptance, Waiver and Consent (AWC).
In addition, the AWC further notes, Walji did not comply with the restrictions that UBS placed on him as conditions for approving the outside business activities.
From April 2011 through October 2012 Walji was an officer of SCM, LLC which ran an upscale grocery market from which Walji had a reasonable expectation of receiving compensation, the AWC notes. In addition, Walji was also a partner in LOI, LP which ran a convenience store from which Walji had a reasonable expectation of receiving compensation, according to the AWC.
Walji Suspended Three Months from Associating with any FINRA Member in any Capacity and Fined $7,500
Walji did provide notice to UBS of two additional outside business activities, but he did not comply with the restrictions that UBS placed on him as conditions for approving the outside business activities, the AWC notes.
As a result of the aforementioned actions, Walji violated NASD and FINRA Rules, according to the AWC. Hence, Walji will be suspended for three months from associating with any FINRA member in any capacity and fined $7,500, the AWC notes.
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The Peiffer Wolf Carr & Kane investor rights lawyers often represent investors who lose money as a result of broker misconduct. They take most cases of this type on a contingency fee basis and advance the case costs, and only get paid for their fees and costs out of money they recover for their clients.
Investors who believe they lost money as a result of broker misconduct may contact the investor rights lawyers at Peiffer Wolf Carr & Kane, Jason Kane or Joe Peiffer, for a free, no-obligation evaluation of their recovery options, at (585) 310-5140.