FINRA

Respondent Shah failed to respond to FINRA request for information.

Letter

Bar (Permanent)

all capacities

Indefinite

5/10/2017

Pursuant to FINRA Rule 9552(h) and in accordance with FINRA's Notice of Suspension and Suspension from Association letters dated February 7, 2017 and March 3, 2017 respectively, on May 10, 2017, Shah is barred from association with any FINRA member in all capacities. Respondent failed to request termination of his suspension within three months of the date of the Notice of Suspension; therefore, he is automatically barred from association with any FINRA member in all capacities.

Sterne Agee Financial Services, Inc.

Discharged

violation of firm policy in regards to outside business activities

Sterne Agee Financial Services, Inc

Discharged

Violation of firm policy in regards to outside business activities

WITH REGARDS TO THE PURCHASE OF A SURVIORSHIP VARIABLE UNIVERSAL LIFE INSURANCE POLICY IN APRIL 2003, THE CUSTOMERS ALLEGE THE COSTS AND FEES WERE MISREPRESENTED TO THEM, INCLUDING THE INTEREST RATE ON LOANS TAKEN FROM THE POLICY

$74,760.34

CLIENT ALLEGED THAT HE RECEIVED WRONG ADVICE REGARDING THE TRANSFER OF HIS ROTH IRA FROM PUTNAM TO AMERICAN FUNDS IN 2007. ADDITIONALLY, CLIENT ALLEGES THAT MR. SHAH ADVISED HIM TO BORROW $20,000 ON A CREDIT CARD IN 2004 TO PUT INTO HIS RETIREMENT ACCOUNT

$6,000.00

WITH REGARDS TO THE PURCHASE OF A VARIABLE LIFE INSURANCE POLICY PURCHASED IN OR AROUND MARCH OF 2000. THE CUSTOMER ALLEGES THAT THE RR SOLD HER THE WRONG PRODUCT FOR HER NEEDS. CUSTOMER ALSO ALLEGES THAT THE RR MISREPRESENTED THE CHARACTER AND PROFITABILITY OF THE POLICY

$12,064.00

WITH REGARD TO A VARIABLE LIFE INSURANCE POLICY PURCHASED IN DECEMBER 2000, FUNDED BY THE SURRENDER PROCEEDS OF A POLICY FROM ANOTHER COMPANY, THE CUSTOMER ALLEGES HE LOST MONEY IN THE PROCESS AND DID NOT WANT NOR WAS AWARE OF A RIDER ON THE POLICY THAT ALSO PROVIDES COVERAGE FOR HIS WIFE. THE CUSTOMER ALSO ALLEGES THAT THE POLICY'S PREMIUM PAYMENT AND SURRENDER CHARGE SCHEDULES WERE NOT PROPERLY DISCLOSED. THE CUSTOMER REQUESTS A RESCISSION OF THE POLICY.

$9,196.21

UPON REVIEW OF POLICY RECORDS AND DATA, NEW YORK LIFE DID NOT FIND SUFFICIENT EVIDENCE TO SUPPORT THE CUSTOMER'S CLAIMS. NO OFFER OF COMPENSATION HAS BEEN MADE TO THE CUSTOMER.

NATIONAL ASSOCIATION OF SECURITIES DEALERS

04/10/00GS: NASD RULES 2110 AND 3030 - RESPONDENT PARTICIPATED IN OUTSIDE BUSINESS ACTIVITIES AND FAILED TO GIVE PROMPT NOTICE TO HIS MEMBER FIRM OF SUCH ACTIVITIES.

Acceptance, Waiver & Consent(AWC)

Monetary/Fine

$2,600.00

Disgorgement/Restitution

DISGORGEMENT OF COMMISSIONS EARNED OF $100.

09-26-00, $2,600 PAID IN FULL AS OF 5/08/00, INVOICE 00-07-233

PAID FINE OF $2600 . SEE ATTACHED DUCUMENTS FROM NASD

ROBERT W. BAIRD & CO., INC -(NORTHWESTERN MUTUAL LIFE)

Discharged

ON 3/31/1999 I ENTERED INTO AN INDEPENDENT CONTRACTOR AGREEMENT WITH WINNERS INTERNATIONAL NETWORK SYSTEM, INC. I SUBSEQUENTLY ATTAINED $100 IN COMMISSION FOR THE SALE OF A PRODUCT BY MY WIFE. I FAILED TO PROMPTLY GIVE MY FIRM ROBERT W. BAIRD NOTICE OF MY INVOLVEMENT IN VIOLATION OF NASD CONDUCT RULE 3030.

ON 3/31/1999 I ENTERED INTO AN INDEPENDENT CONTRACTOR AGREEMENT WITH WINNERS INTERNATIONAL NETWORK SYSTEM, INC. I SUBSEQUENTLY ATTAINED $100 IN COMMISSION FOR THE SALE OF A PRODUCT BY MY WIFE. I FAILED TO PROMPTLY GIVE MY FIRM ROBERT W. BAIRD NOTICE OF MY INVOLVEMENT IN VIOLATION OF NASD CONDUCT RULE 3030.