Atul Makharia, Broker with Centaurus Financial, Facing Multiple Customer Disputes Alleging Unsuitable Investment Recommendations

One customer is seeking $600k in damages based on allegations Makharia over concentrated her portfolio.

The Sonn Law Group is investigating allegations that Atul Makharia made unsuitable investment recommendations. If you or a family member has suffered losses investing, we want to discuss your case. Please contact us today for a free review of your case.

Atul Makharia (CRD#: 5070762) is currently a broker with Centaurus Financial, where he has been employed since 2015. Previously, he was registered as a broker with J.P. Turner & Company from 2010 until 2015.

Makharia has eight disclosures on his BrokerCheck report.

March 2020 Customer Dispute

• Status: Pending
• Allegations: “During the period 2017 through 2018, the customer alleges that the Registered Representative over concentrated her investment(s) in unsuitable, complex, high-risk, speculative and illiquid investments.”
• Damage Amount Requested: $150,000.00
• Broker Comment: “I vehemently deny any wrongdoing and assert that the allegations are completely without merit. The investments about which the customer complained were suitable and were recommended based on the customer’s objectives, goals and financial circumstances and were offered only after her review of all material documentation related to the investment. The customer confirmed in writing that she not only received the requisite investment documentation/disclosures, but that she fully understood the characteristics and risks of the investments. At all times, I put the customer’s interest first and I will vigorously defend this matter to the fullest extent of the law.”

February 2020 Customer Dispute

• Status: Pending
• Allegations: “The customer alleges that the Registered Representative invested his account(s) in unsuitable investments and breached his fiduciary duty. No dates of alleged activity were disclosed in the Statement of Claim.”
• Damage Amount Requested: $100,000.00
• Broker Comment: “I vehemently deny any wrongdoing and assert that the allegations are completely without merit. The investments about which the customer complained were suitable and were recommended based on the customer’s objectives, goals and financial circumstances and were offered only after his review of all material documentation related to the investment. The customer confirmed in writing that he not only received the requisite investment documentation/disclosures, but that he fully understood the characteristics and risks of the investments. At all times, I put the customer’s interest first and I will vigorously defend this matter to the fullest extent of the law.”
  

November 2019  Customer Dispute

• Status: Pending
• Allegations: “The customers allege that the Registered Representative recommended unsuitable investments and breached his fiduciary duty. No dates are provided within the Statement of Claim.”
• Damage Amount Requested: $160,000.00
• Broker Comment: “I vehemently deny any wrongdoing and assert that the allegations are completely without merit. The investments about which the customers complained were suitable and were recommended based on the customer’s objectives, goals and financial circumstances and were offered only after their review of all material documentation related to the investment. The customers confirmed in writing that they not only received the requisite investment documentation/disclosures, but that they fully understood the characteristics and risks of the investments. At all times, I put the customer’s interest first and I will vigorously defend this matter to the fullest extent of the law.”

August 2019 Customer Dispute

• Status: Pending
• Allegations: “During the period 2018 through May 2019, [REDACTED] alleges that the Registered Representative over concentrated her investment(s) in unsuitable, complex, high-risk, speculative and illiquid investments.”
• Damage Amount Requested: $600,000.00
• Broker Comment: “I vehemently deny any wrongdoing and assert that the allegations are completely without merit. The investments about which the customer complained were suitable and were recommended based on the customer’s objectives, goals and financial circumstances and were offered only after her review of all material documentation related to the investment. The customer confirmed in writing that she not only received the requisite investment documentation/disclosures, but that she fully understood the characteristics and risks of the investments. At all times, I put the customer’s interest first and I will vigorously defend this matter to the fullest extent of the law.”

June 2019 Customer Dispute

• Status: Settled
• Allegations: “Between 2015 and 2018, the Customer alleges that the financial advisor misrepresented, recommended unsuitable investments and breached his fiduciary duty.”
• Damage Amount Requested: $100,000.00
• Settlement Amount: $14,750.00
• Broker Comment: “I vehemently deny any wrongdoing and assert that the allegations are completely without merit. The investments about which the customers complained were suitable and were recommended based on the customer’s objectives, goals and financial circumstances and were offered only after their review of all material documentation related to the investment. The customers confirmed in writing that they not only received the requisite investment documentation/disclosures, but that they fully understood the characteristics and risks of the investments. At all times, I put the customer’s interest first and I will vigorously defend this matter to the fullest extent of the law.”

November 2018 Customer Dispute

• Status: Settled
• Allegations: “Customer primarily alleges that the financial advisor recommended unsuitable investments and several other allegations associated therewith.”
• Damage Amount Requested: $200,000.00
• Settlement Amount: $35,180.00
• Broker Comment: “I vehemently deny any wrongdoing and assert that the allegations are completely without merit. The customer confirmed in writing that they not only received the requisite investment documentation/disclosures, but that they fully understood the characteristics and risks of the investments. The investments about which they complained were suitable and were recommended based on their objectives, goals and financial circumstances and were offered only after the customer’s review of all material documentation related to the investment. At all times, I put the customer’s interest first. Notwithstanding, in an effort to avoid potentially unproductive and expensive interaction with the customer, and more so, in an effort to help the customer, my broker/dealer settled with the customer to which my contribution was $0.”

October 2018 Customer Dispute

• Status: Settled
• Allegations: “The customers allege their investments were unsuitable.”
• Damage Amount Requested: $333,000.00
• Broker Comment: “I vehemently deny any wrongdoing and assert that the allegations are completely without merit. The customer confirmed in writing that they not only received the requisite investment documentation/disclosures, but that they fully understood the characteristics and risks of the investments. The investments about which they complained were suitable and were recommended based on their objectives, goals and financial circumstances and were offered only after the customer’s review of all material documentation related to the investment. At all times, I put the customer’s interest first and I will vigorously defend this matter to the fullest extent of the law.”

January 2017 Customer Dispute

• Status: Closed-No Action
• Allegations: “Client claims they were sold an unsuitable CD and did not receive prospectus”
• Damage Amount Requested: $20,000.00
• Broker Comment: “The clients filed a written complaint with the State of South Carolina. The State presented the Firm with the complaint for analysis, review and response. After reviewing aloof the relevant client information and transaction documents, the Firm responded to the State. Upon review of all paperwork/data submitted by the firm and the clients, the State closed its investigation with no further action recommended.”

Contact Us Today

The Sonn Law Group is currently investigating allegations that Atul Makharia recommended unsuitable investments.  We represent investors in claims against negligent brokers and brokerage firms. If you or your loved one experienced investment losses, we are here to help. For a free consultation, please call us now at 866-827-3202 or complete our contact form.