Broker Alert: Suresh Basnet Suspended for Unauthorized Transactions

Suresh Basnet Suspended for Unauthorized TransactionsEarlier this year, broker Suresh Basnet served a 45-day suspension for his role in alleged unapproved private securities transactions. The suspension was one of two sanctions in a FINRA waiver he signed earlier this year.

The dispute involved the broker’s role in two real estate transactions by customers of his member firm. Basnet did not provide proper notice to his firm before engaging in the transactions.

The problem arose in December of 2016 when Basnet solicited investments for land purchases from two firm customers who also happened to be longtime friends of the broker.

With the help of his relatives in Nepal, the broker facilitated the purchase of plots of land in Nepal with funds from the friend’s accounts at the firm. In all, Basnet’s friends invested $55,000 in the scheme.

Although Basnet was not compensated in the transactions and the customers were repaid by the profits of the land sales, the broker’s behavior was still unethical.

Basnet was a registered broker with Voya Financial Advisors, Inc. at the time of the land transactions. The firm fired him in March of 2017 following the allegations of the unapproved transactions. The suspension was only one part of the FINRA agreement. Basnet will also pay a fine of $5,000.  The broker is not currently registered as a broker.

Contact Sonn Law Group’s Investment Fraud Lawyers Today

At Sonn Law Group, our team of experienced securities fraud attorneys is committed to fighting for the rights and interests of investors nationwide. If you lost money as a result of broker misconduct, please do not hesitate to contact our legal team for a free case review.

Disclaimer: This article contains opinions and NOT statements of fact in any way whatsoever. The information here is general information that should not be taken as legal advice. No attorney-client relationship is established between you and our attorneys by reading this article. This article is attorney advertising and should not be used as a substitute for legal advice from a qualified lawyer.  

Rate this post:

1 Star2 Stars3 Stars4 Stars5 Stars
(No Ratings Yet)
Loading...