Articles Tagged with Lincoln Financial Advisors

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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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Lincoln Financial Advisors Corporation (LFA) of Fort Wayne, Indiana submitted a Letter of Acceptance, Waiver and Consent (AWC) to the Department of Enforcement of the Financial Industry Regulatory Authority (FINRA) for allegedly failing to implement and enforce reasonable supervisory procedures related to the recommendation of private placement variable annuities (PPVA).  LFA has been a FINRA member since 1969 and has nearly 2,500 registered representatives and over 500 branch offices.

FINRA found that between October 2008 and April 2009, representatives from two of LFA’s branch offices recommended customers to invest in a hedge fund that engaged in a complex option trading strategy. FINRA alleged that the complexity of the hedge fund exposed the LFA clients to a high degree of financial risk. LFA however approved the recommendations and 25 firm customers invested approximately $11.7 million in the hedge fund. In 2010, the hedge fund was shut down.

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