RECOVERY OPTIONS FOR TERRY BAHGAT VICTIMS
Potential Recovery Options for Terry Bahgat Theft Victims
Tarek Bahgat also known as Terry Bahgat, is a former financial advisor who was barred from the securities industry on March 23, 2017, after he failed to provide information requested by FINRA, the Financial Industry Regulatory Authority, in connection with an investigation of his conduct. Prior to his bar from the industry, Terry Bahgat was a registered representative of Gradient Securities, LLC from July of 2015 to October of 2016. Prior to his employment with Gradient, he was employed by a series of other brokerage firms. He worked at branch offices in Amherst, New York, but apparently now resides in Egypt.
On September 29, 2017, the Securities and Exchange Commission announced that it had filed fraud charges against Tarek Bahgat, following allegations that he had stolen roughly $378,000.00 from the accounts of seven of his former clients. He did so by gaining access to his customer’s online accounts and transferring the funds to himself.
Luckily, those aggrieved by Bahgat may have legal options to recover their funds. Victims may be able to assert claims against Mr. Bahgat’s former employing brokerage firm, if the funds were misappropriated at the time that he was registered corresponding firm. This because brokerage firms have an ironclad duty to supervise all financial advisors that are registered through their firm. A brokerage firm is responsible for preventing theft and dishonest broker behavior. When the firm fails to do so, they could be held liable to investors and victims.
In order to sue a brokerage firm, investors generally need to bring their claims in FINRA Arbitration rather than Court. This is because these types of firms are FINRA members and their account opening documents signed by customers generally mandate bring claims in FINRA Arbitration, not Court.
Our firm has represented investors throughout the state of New York and has handled numerous broker theft cases. All of our cases are taken on a contingency basis, meaning that we do not get paid unless we recover for you.
Click to view: Baghat, Tarek BrokerCheck
Click to view: Baghat, Tarek Complaint
For more information on investment recovery options regarding Terry Bahgat (Tarek Bahgat), please CONTACT ISRAELS & NEUMAN, PLC at 720-599-3505 for a free and confidential consultation.
Israels & Neuman, PLC is a private law firm and is not affiliated with any government or law enforcement agency. Any investigation referenced in this blog is independent in nature and is being conducted by our law firm privately, not in conjunction with any government or law enforcement agency. All information contained in this blog should be deemed statements of opinion derived from the author’s review of public records, not statements of fact. This blog is advertising material and does not create an attorney client relationship, nor does it constitute legal advice. Everyone’s situation is different and the question of whether or not you have a claim will vary on a case-by-case basis. In contingent representation, clients may still be liable for costs.
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