OMAR RASMI SHALABI is currently employed as a Broker and/or Investment Adviser at PEAK BROKERAGE SERVICES, LLC located at 1200 Main Street, Suite 924, Columbia, SC, 29201.
OMAR RASMI SHALABI has worked at PEAK BROKERAGE SERVICES, LLC since May 01, 2018
Disclosure History
OMAR RASMI SHALABI has 3 Disclosure Event(s).
Date: August 26, 2010 Category: Customer Dispute Allegations: CUSTOMERS, THROUGH THEIR ATTORNEY, ALLEGE THAT RR RECOMMENDED AN UNSUITABLE 1031 EXCHANGE. Settlement Amount: $155,000.00 Broker Comment: THIS CASE INVOLVED CLAIMS REGARDING THE SUITABILITY OF A 1031 EXCHANGE. SHALABI OFFERED THE PLAINTIFF SEVERAL OPTIONS AND PLAINTIFF MADE A SELECTION THAT LATER PROVED TO BE UNSATISFACTORY TO THE PLAINTIFF. THE FACTS WERE HEAVILY DISPUTED. SHALABI WAS DISMISSED FROM THIS CASE WITH PREJUDICE PRIOR TO ITS SETTLEMENT AT MEDIATION. IN THIS CASE UVEST ALSO SETTLED FOR AN AMOUNT THAT IT CONTEMPLATED TO BE POTENTIAL LEGAL EXPENSES. THERE WAS NO ADMISSION OF LIABILITY. THERE WAS NO ADMISSION OF LIABILITY BY EITHER DEFENDANT AND SHALABI MADE NO CONTRIBUTION OF ANY KIND TO THE SETTLEMENT PAYMENT.
Date: June 29, 2010 Category: Customer Dispute Allegations: CUSTOMER ALLEGES THAT THE CURRENT ALLOCATION OF HER INVESTMENTS IS UNSUITABLE. Settlement Amount: $70,000.00 Broker Comment: CUSTOMER PURCHASED REIT PRODUCT IN 2004 AFTER CONSULTATION WITH SHALABI. WHEN ECONOMY WEAKENED IN 2007, WITH THE RESULTING RECESSION AND DOWNTURN IN THE HOUSING MARKET, THE REIT LOST VALUE AND BECAME ILLIQUID. CUSTOMER SENT A WRITTEN COMPLAINT TO THE BROKER DEALER, WHICH DENIED THE COMPLAINT AND TOOK NO FURTHER ACTION. THE COMPLAINT DID NOT INCLUDE INFORMATION ABOUT CUSTOMER'S OTHER INVESTMENTS, ALSO PURCHASED AFTER CONSULTATION WITH SHALABI, WHICH HAD THEY BEEN INCLUDED, WOULD HAVE SHOWN A TOTAL GAIN. CUSTOMER FELT THE ONLY WAY TO GET HER MONEY BACK WAS TO SUE ALL THE PARTIES INVOLVED, WHICH INCLUDED THE BROKER DEALER, SHALABI, AND THE BANK. THE MATTER WAS SETTLED IN MEDIATION WITH NO ADMISSION OF LIABILITY IN AN EFFORT TO AVOID FURTHER LITIGATION COSTS. ALL WERE IN AGREEMENT THAT THE COST OF ARBITRATION MAY EXCEED A SETTLEMENT, EVEN THOUGH THEY FELT CONFIDENT THAT ARBITRATION WOULD RULE IN BOTH THE BROKER DEALER'S AND SHALABI'S FAVOR.
Date: March 20, 2001 Category: Customer Dispute Allegations: THE CUSTOMER INVESTED IN INDIVIDUAL STOCKS FROM DECEMBER 1999 THROUGH JUNE 2000, WHICH RESULTED IN A LOSS OF $7666.71. IT WAS DETERMINED THAT THE STOCKS THE CUSTOMER PURCHASED WERE NOT A SUITABLE INVESTMENT GIVEN THE CUSTOMER?S FINANCIAL CIRCUMSTANCES. THE COMPLIANT WAS SETTLED FOR $7666.71 AND CUSTOMER WAS REIMBURSED FOR LOSSES. Damage Amount Requested: $7,666.71 Settlement Amount: $7,666.71
More Information
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