Arete Wealth Management LLC, Broker, Roshan A. Loungani Suspended and Fined Following FINRA Investigation

By June 27, 2016 September 20th, 2017 News

Arete Wealth Management LLC, Broker, Roshan A. Loungani consented to FINRA sanctions that include suspension and restitution.

According to Loungani’s Letter of Acceptance, Waiver and Consent (“AWC”) with FINRA, between June 2009 and March 2012 he recommended and effected unsuitable investments for two customers totaling approximately $658,000.  The AWC further reflects that the investments were in two hedge funds managed and created by Loungani.  FINRA notes that Loungani’s aggressive options trading and high-risk strategy did not match the customers’ risk tolerance.  As such, FINRA alleged that an unsuitable concentration of the customers’ net worth was at risk.

FINRA asserted that Loungani violated NASD Conduct Rule 2310 and FINRA Rule 2010.  Without admitting or denying FINRA’s findings, Loungani consented to a two-month suspension and to pay restitution of $69,910.  Loungani has been a registered representative of Arete Wealth Management LLC since 2008.  The FINRA disciplinary matter relating to Loungani’s AWC is 2013037488701.

Loungani’s FINRA Broker Check report reveals four previous customer complaints, two of which were settled with Loungani paying $48,000 and $57,000 respectively.

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