Articles Tagged with Florida Stockbroker Fraud Lawyer

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Jodie Ann LaMarre, of Sarasota, Florida, submitted a Letter of Acceptance, Waiver and Consent (AWC) to the Financial Industry Regulatory Authority (FINRA) for allegedly recommending an unsuitable investment strategy to an elderly customer on a fixed income with conservative investment goals, causing the customer to suffer unnecessary tax liability of over $33,000.

While employed with the Sarasota, Florida branch of Robert W. Baird & Co., Ms. LaMarre allegedly recommended the consolidation of all her elderly customer’s assets into a single taxable account.  According to FINRA, Ms. LaMarre made this recommendation without regard for the fact that several of the customer’s assets were in tax-deferred accounts.  FINRA’s findings state that Ms. LaMarre was aware of and understood the negative tax consequences of her unsuitable recommendations, which resulted in unnecessary tax liability of more than $33,000 and a reduction of her customer’s 2016 monthly social security benefit. Continue reading →

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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. Continue reading →

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Winston Turner, a former broker at Pruco Securities LLC, and MetLife Securities, Inc., was permanently barred from acting as a broker or associating with firms that sell securities to the public by the Financial Industry Regulatory Authority (FINRA) due to findings that he made fraudulent misrepresentations and omissions in connection with variable annuity investments.    FINRA found that Winston Turner, of Tampa, Florida, induced three customers to purchase securities by intentionally making misstatements regarding the earnings to be generated by their variable annuities.

According to FINRA, Mr. Turner falsely told three customers that their variable annuity investments would earn a “guaranteed” minimum annual interest and misrepresented to a customer the tax implications of her variable annuity purchase.  FINRA also found that Mr. Turner attempted to circumvent his member firm’s supervisory system by misrepresenting the source of funds in connections with variable annuity applications.  Further, Mr. Turner misrepresented to his firm his personal email address as the email address of his customers in order to ensure that the customers were not contacted. Continue reading →

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Kirsten Flynn Hawkins of Staunton, Virginia, submitted an Acceptance, Waiver and Consent (AWC) to, settle violations of Financial Industry Regulatory Authority (FINRA) Rule 8210 for failing to provide the documents and information requested in connection with a FINRA investigation.

Ms. Hawkins voluntarily resigned from the securities industry with FINRA on November 13, 2014, and her registration with FINRA was terminated on December 10, 2014. As of now, Ms. Hawkins is not associated with a FINRA member firm, but still remains subject to FINRA’s jurisdiction pursuant. Continue reading →

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A complaint filed by the Financial Industry Regulatory Agency (FINRA) against Philip Leonard Grasso Jr. alleges that he, a representative of Allstate Financial Services, LLC (Allstate Financial) “inserted himself into the lives of two elderly customers in order to defraud them of their funds.” FINRA alleged that while Mr. Grasso was on a medical leave of absence from Allstate Financial, he inserted himself into the lives of two elderly customers (ages 89 and 91) in order to defraud them financially.

Between December 2013 and January 2014, Mr. Grasso allegedly convinced the two elderly clients to liquidate their various life insurance policies and annuities (approximately $227,150) and open a brokerage account. Mr. Grasso allegedly then took all the funds from the brokerage account and put them in his own bank account. Mr. Grasso used these client funds for personal expenses like his mortgage and stock investments. In an attempt to hide the misconduct, Mr. Grasso allegedly created false documents for his clients and misrepresented their investment. Mr. Grasso was terminated by Allstate Financial due to allegations that he “commingled the customers’ funds” in May 2014. As it’s a current investigation, FINRA has requested sanctions and restitution to be imposed upon Mr. Grasso. Continue reading →