LOS ANGELES, CA / ACCESSWIRE / October 29, 2024 / National investment loss and securities lawyers KlaymanToskes issues an important notice to customers of financial advisor Rajesh Markan, formerly of Merrill Lynch, a division of Bank of America (NYSE: BAC). The law firm is representing numerous customers of Markan and has filed multiple customer complaints with the Financial Industry Regulatory Authority (“FINRA”) alleging that Markan misappropriated their monies. The law firm urges all customers of Rajesh Markan to contact the firm immediately at 888-997-9956 if they believe they invested in Bain Capital private equity funds, but have since learned they were not invested in any Bain Capital investments.
KlaymanToskes reports the law firm has filed numerous FINRA arbitration claims, including Claim no. 24-02147, against Merrill Lynch, whereby the investor was defrauded by his financial advisor Rajesh Markan (CRD# 4553309). The investor is seeking to recover damages of approximately $400,000 in connection with the misappropriation of his funds. This misappropriation not only resulted in direct financial losses for the customer, but also deprived the investor of potential appreciation of the funds, which were never properly invested.
According to the lawsuit filed by KlaymanToskes, Markan not only diverted the customer’s funds without the client’s consent, leading to significant financial losses, but also fabricated investment performance reports and used the client’s funds for personal gain. The claim further alleges that Merrill Lynch failed to adequately supervise Markan, thereby neglecting their duty to protect the investor’s assets and best interests, which contributed to the misappropriation and fraudulent scheme.
The law firm’s investigation has led the firm to believe that Markan’s misconduct has resulted in significant financial losses for numerous investors, many of whom were misled into believing their investments had appreciated in value, when their funds had never even been invested. It is KlaymanToskes’ opinion that Merrill Lynch may have failed to properly supervise Markan and failed to perform the adequate due diligence necessary to protect their clients from such fraudulent activity.
Rajesh Markan was registered with Merrill Lynch in Flower Mound, TX from May 2009 until October 2022, when he resigned after allegedly failing to disclose a client loan. Markan then worked at Hilltop Securities in Dallas, TX until August 2024. Markan is facing multiple customer complaints related to allegations of misappropriation and fraudulent activities involving private equity investments and hedge funds. Markan was permanently barred from acting as a broker by FINRA in October 2024 for not cooperating with the regulator’s investigation into his misconduct.
Customers of Rajesh Markan who suffered investment losses at Merrill Lynch and/or Hilltop Securities are encouraged to contact attorney Steven D. Toskes at (888) 997-9956 or by email at investigations@klaymantoskes.com in furtherance of our investigation.
About KlaymanToskes
KlaymanToskes is a leading national securities law firm which practices exclusively in the field of securities arbitration and litigation on behalf of retail and institutional investors throughout the world in large and complex securities matters. The firm has recovered over $250 million in FINRA arbitrations and over $350 million in other securities litigation matters. KlaymanToskes has office locations in California, Florida, New York, and Puerto Rico.
Contact
KlaymanToskes, P.A.
Steven D. Toskes, Esq.
888-997-9956
investigations@klaymantoskes.com
www.klaymantoskes.com