Jimmy Moscoso, a former registered representative with Lincoln Financial Advisors Corporation (Lincoln Financial) has been permanently barred by the Financial Industry Regulatory Authority (FINRA) based upon its findings that he converted funds of his elderly customer.
According to FINRA, Jimmy Oswald Moscoso, of Boca Raton, Florida, converted approximately $20,000 from his elderly customer, allegedly using the money for his own personal use instead. FINRA found that an elderly customer agreed to invest $20,000 in a purported real estate investment by giving Mr. Moscoso a check for $20,000 made payable to a business owned by Mr. Moscoso. Mr. Moscoso then endorsed the check and deposited it into an account controlled by him and used the money for his personal use. Without admitting or denying FINRA’s findings, Mr. Moscoso was permanently barred from association with any FINRA member in any capacity.
Stockbrokers, registered representatives, and other financial industry professionals have been known to engage in many types of fraudulent and unlawful behavior, such as conversion of funds, which violate industry rules and procedures. In order to protect investors from such misconduct, FINRA rules require broker-dealers to establish and implement a reasonable supervisory system. The implementation of the rules requires supervisors to monitor employees to ensure they comply with federal and state securities laws, securities industry rules and regulations, as well as the brokerage firm’s own policies and procedures. If brokerage firms and their supervisors do not establish and implement these protective measures, they may be liable to account holders for losses flowing from the misconduct. As a result, investors who have suffered losses stemming from stockbroker misconduct can bring forth claims to recover damages against broker-dealers, like Lincoln Financial Advisors Corporation, which have a duty to supervise its employees in order to prevent stockbroker misconduct.
Have you suffered losses in your Lincoln Financial investment account due to your stockbroker’s misconduct? If so, call Robert Pearce at the Law Offices of Robert Wayne Pearce, P.A. for a free consultation. Mr. Pearce is accepting clients with valid claims against Lincoln Financial Advisors Corporation financial professionals for conversion of funds and/or other kinds of stockbroker misconduct.
The most important of investors’ rights is the right to be informed! This Investors’ Rights blog post is by the Law Offices of Robert Wayne Pearce, P.A., located in Boca Raton, Florida. For over 35 years, Attorney Pearce has tried, arbitrated, and mediated hundreds of disputes involving complex securities, commodities, and investment law issues. The lawyers at our law firm are devoted to protecting investors’ rights throughout the United States and internationally! Please post a comment, call (800) 732-2889, send Mr. Pearce an email at firstname.lastname@example.org, and/or visit our website at www.secatty.com for answers to any of your questions about this blog post and/or any related matter.