Imdadur Rahman (CRD #2476187, Clarkston, Michigan)

June 10, 2024 – An AWC was issued in which Rahman was barred from association with any FINRA member in all capacities. Without admitting or denying the findings, Rahman consented to the sanction and to the entry of findings that he facilitated a senior customer’s designation of Rahman’s wife as a beneficiary on two of the customer’s accounts. The findings stated that the customer was not Rahman’s family member and Rahman failed to provide written notice to his member firm of the customer’s designation of Rahman’s wife as beneficiary. The findings also stated that Rahman falsified the customer’s beneficiary forms by identifying his wife as the customer’s niece. Rahman engaged in this conduct to prevent his firm from identifying the designation of his wife as a prohibited beneficiary designation. The findings also included that Rahman engaged in an undisclosed outside business activity (OBA) by providing certain services to the customer such as buying furniture, groceries, and clothing, driving him to appointments, and sending his mail to his relative. Rahman told the customer and the relative that he could not be compensated for these services directly, but instead directed them to write checks to Rahman’s wife, which they did, totaling at least $116,000. Rahman did not provide prior written notice to or receive approval from his firm for his OBA. FINRA found that Rahman accepted gifts from the customer in circumvention of firm policy. In addition to the monetary compensation Rahman received from the customer through his wife, he also accepted monetary gifts from him via payments from the customer to vendors and credit card companies on Rahman’s behalf. Rahman repeatedly told the customer about his outstanding bills and accepted the customer’s payment of those bills totaling more than $47,000. Rahman failed to disclose these gifts to the firm and falsely stated on compliance questionnaires that he had not received unreported gifts. (FINRA Case #2023080253301) If you have suffered losses as a result of Imdadur Rahman's act and/or actions we would like to hear from you. We are currently investigating claims on behalf of clients who have suffered significant losses in their portfolios that are managed by Imdadur Rahman. The Schwartz Law Firm represents investors in claims against financial advisors and their firms. If you have questions about your potential claim or need assistance from an investment fraud lawyer, please contact us at 866-618-0545 or email Matthew Schwartz directly at mschwartz@tslfirm.com.