Last Updated: November 2024 (Bethesda, Maryland)
National securities fraud lawyers at Patil Law P.C. are investigating broker Pragnesh Bhatt (CRD #5769860), a current financial advisor at NYLIFE Securities LLC, who faces a substantial pending customer dispute involving allegations of misleading sales practices in variable annuity transactions.
Pragnesh Bhatt (CRD #5769860) is currently employed by NYLIFE Securities LLC in Bethesda, Maryland, and faces a serious customer complaint regarding misrepresentation and unsuitable investment recommendations. Adding to concerns about his background, Mr. Bhatt also has a criminal disclosure on his record. Below, we provide further details about his professional history, negative disclosures, and customer complaints, which investors should consider before working with him.
Critical Insights About Bethesda, MD Stockbroker Pragnesh Bhatt
- Advisor Name: Pragnesh J. Bhatt
- CRD: 5769860
- Location: Bethesda, MD
- Current Employer: NYLIFE Securities LLC
- Classification: Stockbroker + Financial Advisor
- Primary Location: Bethesda, MD
- Can Pragnesh Bhatt be sued in private FINRA arbitration: Yes
- Has Mr. Bhatt been sanctioned by FINRA: No
- Customer Dispute Allegations: Over $615,000 in alleged damages
- Criminal History: Yes – Prior felony charge (dismissed)
If you have suffered investment losses in an account handled by Mr. Bhatt or have a question about the performance of your account, please contact Attorney Patil online or (800) 950-6553 for a free initial consultation.
Lost Money With Stockbroker Pragnesh Bhatt?
A significant customer complaint was filed against Pragnesh Bhatt in September 2024. The customer alleges they were misled during the purchase of a variable annuity in June 2021 and that their request to reallocate subaccounts was not followed. The customer is seeking compensation of $615,240.83, which includes the return of their investment, fees, and lost opportunity costs.
Complaint Details:
- Filed: September 16, 2024
- Status: Pending
- Product Type: Variable Annuity
- Alleged Damages: $615,240.83
Allegations Of Broker Misconduct Against Pragnesh Bhatt
The current allegations against Pragnesh Bhatt raise serious concerns about his sales practices and handling of client accounts:
- Misrepresentation: The customer alleges they were misled during the variable annuity sales process, suggesting potential violations of FINRA’s requirements for fair and accurate communication with clients.
- Failure to Follow Instructions: The complaint indicates that Mr. Bhatt failed to execute requested changes to subaccount allocations, potentially breaching his duty to follow client directives.
These allegations may violate several FINRA rules, including Rule 2111 regarding investment suitability and Rule 2210 concerning communications with the public. Additionally, the failure to follow client instructions could violate basic standards of professional conduct.
Criminal Background
While not directly related to his securities practice, investors should be aware that Mr. Bhatt’s record includes a criminal matter from 1998. The case, which involved felony charges, was ultimately dismissed. Although this occurred before his securities career began, it represents important background information for potential clients to consider.
Broker Experience Summary
Pragnesh Bhatt has been in the financial services industry since 2011:
- NYLIFE Securities LLC (2011-Present)
- SAAVI Financial Group, LLC (2020-Present)
- New York Life Insurance Co. (2010-Present)
His professional qualifications include:
- Securities Industry Essentials Examination (2018)
- Investment Company Products/Variable Contracts Representative Examination (2011)
- Uniform Securities Agent State Law Examination (2013)
Patil Law P.C. Will Help You Recover Your Investment Losses
If you have suffered investment losses in an account handled by Pragnesh Bhatt or have a question about the performance of your account, please contact Attorney Patil online or (800) 950-6553 for a free initial consultation.
Our cases are handled on a contingency basis. We don’t get paid unless we win for you.
