Publicly available records provided by the Financial Industry Regulatory Authority (FINRA) indicate that broker, Narinder Kaur Singh (a/k/a Narinder Dutt) (CRD # 3100308) was recently barred from the securities industry by FINRA’s Department of Enforcement. The sanction occurred as a result of her failure to cooperate with an investigation into her termination for fraud. The Law Office of Kevin J. Deloatch, Esq. is interested in speaking to investors who have complaints regarding Ms. Singh.
Registration Background for Narinder Kaur Singh
Ms. Singh first became registered in the securities industry in 1998 and was most recently associated with Sacramento, CA based Farmers Financial Solutions, LLC (CRD # 103863) from January 2018 to November 2019. Her prior registrations include ProEquities, Inc. (CRD # 15708) from July 2016 to December 2017 and Transamerica Financial Advisors, Inc. (CRD # 16164) from November 2014 to August 2016.
FINRA’s Allegations against Narinder Kaur Singh
FINRA’s investigation led to Ms. Singh entering into a Letter of Acceptance, Waiver and Consent (AWC) with FINRA on August 28, 2020. According to the AWC, Ms. Singh consented to, without either admitting to or denying, the following findings by FINRA’s Department of Enforcement:
- “In October 2019, Transamerica and [ProEquities] filed Form U5 amendments disclosing a pending arbitration filed by a customer alleging that [Ms. Singh] had invested their funds into a fraudulent investment”;
- “Subsequently, Farmers’ terminated [Ms.] Singh’s registration by a Form U5 filed on November 6, 2019”;
- “FINRA began its investigation after receiving the customer statement of claim disclosed in the October 2019 amended Form U5 filings”;
- “Although [Ms.] Singh initially cooperated with FINRA’s investigation, in August 2020, she ceased doing so”;
- “On August 18, 2020, FINRA staff sent a request to [Ms. Singh] for on-the-record testimony pursuant to FINRA Rule 8210”;
- “As stated during her phone call with FINRA staff on August 19, 2020, and by this agreement, [Ms. Singh] acknowledges that she received FINRA’s request and will not appear for on-the-record testimony at any time”; and
- By virtue of the above, Ms. Singh violated FINRA Rule 8210, regarding cooperating with investigations and FINRA Rule 2010, regarding standards of commercial honor and principles of trade.
FINRA Sanctions Narinder Kaur Singh
As a result of such violations and in addition to the above described findings and conclusions, FINRA’s August 28, 2020 AWC also indicates that Ms. Singh consented to the following sanction(s):
- A bar from associating with any FINRA member firm in any capacity.
Narinder Kaur Singh Has a History of Complaints
In addition to the findings of FINRA’s Department of Enforcement, FINRA BrokerCheck for Ms. Singh (pages 14– 23) reveals that she has a history of customer complaint(s)/arbitration(s) including, but not necessarily limited to the following:
- On September 6, 2019, three customers initiated arbitration against Ms. Singh (FINRA # 19-02711) for actions that allegedly occurred while she was associated with Transamerica Financial Advisors and ProEquities, Inc. The customers alleged Ms. Singh engaged in fraud, misrepresentation, breach of contract and elder abuse, amongst other things. The customers further alleged Ms. Singh’s actions resulted in damages in an amount between $1,000,000.00 and $2,000,000.00. On August 14, 2020, the arbitration panel issued an award against Ms. Singh in favor of the claimants in the amount of $494,278.41.
- On April 29, 2020, a customer initiated a written complaint against Ms. Singh for actions that allegedly occurred while she was associated with Transamerica Financial Advisors, Inc. The customer alleged Ms. Singh solicited him to invest in an investment contract away from the firm. The customer further alleged Ms. Singh’s actions resulted in him sustaining damages in the amount of $50,000.00. On July 9, 2020, the complaint was settled in the amount of $29,642.72.
- On April 29, 2020, a customer initiated a written complaint against Ms. Singh for actions that allegedly occurred while she was associated with Transamerica Financial Advisors, Inc. The customer alleged Ms. Singh solicited her to invest in an investment contract away from the firm. The customer further alleged Ms. Singh’s actions resulted in damages in the amount of $75,000.00. On July 9, 2020, the complaint was settled in the amount of $45,357.28.
- On December 23, 2019, a customer initiated a written complaint against Ms. Singh for actions that allegedly occurred while she was associated with Transamerica Financial Advisors, Inc. The customer alleged Ms. Singh solicited him to invest in an investment that guaranteed him 5% interest for 6 months. The customer further alleged Ms. Singh’s actions resulted in damages in an amount between $16,500.00. On June 8, 2020, the complaint was settled in the amount of $7,000.00.
If you or someone you know has or had a brokerage account with Ms. Narinder Kaur Singh (a/k/a Narinder Dutt) and have concerns regarding losses in your investments or possible sales practice violations including fraud, you may be entitled to recover lost funds. The Law Office of Kevin J. Deloatch, Esq. has an extensive securities law practice and over 30 years of experience on Wall Street. Call today at (646) 792-2156 for a free consultation. The time to file your claim may be limited so you should call today to avoid delay.