The Frankowski Firm is investigating Laidlaw broker Ahmad Wares of New York. Wares is the target of several customer complaints, and Ware’s clients who lost money investing with him may be able to recover their losses.Wares spent fifteen years in the securities industry and has been registered with Salomon Whitney in Farmingdale, New York since December 2015. Earlier registrations include Laidlaw & Company in London (2012-2015); EKN Financial Services in Melville, New York (2010-2012); First Midwest Securities in Melville (2008-2009); New Castle Financial Services in Melville (2007-2008); Empire Financial Group in Uniondale, New York (2005-2007); Ehrenkrantz King Nussbaum, Inc. in Melville (2002-2005); and Ladenburg Capital Management in Bethpage, New York (1998-2002). Of his former employers, four have since been expelled by FINRA: EKN Financial Services, New Castle Financial Services, Empire Financial Group, and Ehrenkrantz King Nussbaum. According to FINRA’s BrokerCheck report on the former Laidlaw broker, Wares has had eight customer complaints filed against him as well as one that is pending.
- In March 2015 a client claimed Wares, while working for Laidlaw, recommended unsuitable investments and churned the customer’s account.
- In November 2015 a client claimed Wares, while working for Laidlaw, executed unauthorized trades and failed to follow instructions.
- In 2014 a client claimed Wares, while working for Laidlaw, recommended unsuitable investments and engaged in churning.
- In 2013 a client claimed Wares, while working for EKN Financial Services, executed unauthorized transactions and churned the account.
- In 2012 a client claimed Wares, while working for First Midwest Securities, violated federal securities laws, recommended unsuitable investments, breached his fiduciary duty, breached his contract, and engaged in common law fraud.
- In 2009 Wares was discharged from his position at First Midwest Securities following allegations he failed to respond to a customer complaint and left the firm in debt from a negative balance of approximately $112,000 in a customer account.
- In 2009 a client claimed Wares, while working for First Midwest Securities, recommended unsuitable investments, executed unauthorized trades, and failed to follow instructions.