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Regulatory Sanctions

Dear Sir or Madam: Surprise - We Opened a Brokerage Account for You, Today

June 21, 2017
In this case, a broker is U5’d and suspended for 9 months by FINRA. So, what does he do? He incorporates as an investment advisor. Hopefully, the state of Texas will not allow him to register.


Jetmir Ahmeti agreed to serve a 9-month suspension to settle FINRA charges that he submitted information to open new accounts at his member firm for 14 individuals without first contacting the individuals and obtaining their consent, and in violation of the firm’s policies and procedures.


BACKGROUND.    Ahmeti, who resides in Richardson, TX, began in the securities industry in 2008 and obtained his Series 7 license in September 2008. From September 2009 through May 2015, Ahmeti was associated with Edward Jones & Co.


FINRA FINDINGS.    Over a 3-week period, in March and April of 2015, Ahmeti opened 14 new accounts without the knowledge and authorization of the purported account owners. The individuals were "Transfer on Death" beneficiaries of his existing clients. Ahmeti gathered basic information on the individuals from his existing clients, while making guesses as to their investment objectives, income and risk profile. After the accounts were opened, Ahmeti mailed copies of the account opening documents to the 14 individuals to sign and return.


Six of the 14 new account owners signed and returned the New Account papers. One of the individuals was deceased. The other 7 account owners didn't bother to sign and return the account documents. There was no trading activity in any account.


  • By submitting new account opening documentation to his firm that contained information that was not obtained from or verified by the account owners, Ahmeti caused his firm to maintain inaccurate books and records, in violation of FINRA Rules 4511 and 2010.  
  • By opening new accounts without the owners' knowledge or authorization, Ahmeti violated FINRA Rule 2010.


Separate and apart from the above, Ahmeti also failed to update his Form U4 for a felony charge


FINANCIALISH TAKE AWAY.    Apparently, Ahmeti was desperate to open the accounts - and this makes sense because FINRA did not assess a fine because of his personal financial condition. That said, his opening the accounts for the “Transfer on Death” beneficiaries was rather presumptuous – in part, because the individuals had the right to take their business elsewhere.


Bottom line: Ahmeti’s actions indicates that he cannot be trusted to serve as a financial adviser. One would have hoped that his 9-month suspension will prompt Ahmeti to seek employment elsewhere.


BUT NO! According to BrokerCheck and LinkedIn ... one month after being U5’d by Edward Jones, Ahmeti set up AHMETI WEALTH MANAGEMENT, LLC. His LinkedIn profile reads: “I am a Financial Advisor with Ahmeti Wealth Management, LLC. My goal is to help individuals achieve their longterm financial goals by understanding their needs and offering tailored solutions.”


Hardly reassuring.


This case was reported in FINRA Disciplinary Actions for June 2017.

For details on this case, go to ...  FINRA Disciplinary Actions Online, and refer to Case #2015045448902.