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FINRA Complaint: Former Miami Financial Advisor Accused of Commodities Fraud May Have Unlawfully Associated With Brokerage Firm

Robert Juan Escobio (CRD No. 703813) is a former licensed broker and former registered investment advisor (RIA). From 2000 to 2017, Mr. Escobio was employed at Southern Trust Securities in Miami, Florida. On July 17th, 2019, FINRA’s Department of Enforcement filed a fraud complaint against this broker (Disciplinary Proceeding No. 2018059545201).

Among other things, the agency alleges that Mr. Escobio engaged in commodities fraud, that he associated with a brokerage firm after being disqualified from doing so, and that he refused to cooperate with an investigation. Here, our Miami, FL securities fraud lawyers provide an overview of the FINRA complaint against Robert J. Escobio.

FINRA Complaint: Former Miami Broker Robert Juan Escobio 

An Overview of the Fraud Allegations 

In 2014, the U.S. Commodity Futures Trading Commission (CFTC) filed a complaint against Robert Juan Escobio alleging that he violated the anti-fraud provisions within the Commodity Exchange Act (CEA). Specifically, the federal regulatory agency found that Mr. Escobio perpetuated a scheme whereby he defrauded at least 135 investors out of more than $2.6 million. The underlying securities fraud scheme centered around illegal, off-exchange trades in precious metals and other related commodities.

The FINRA Investigation 

Eventually, FINRA initiated its own review into further allegations of misconduct that were raised against Robert Juan Escobio. In August of 2018, FINRA looked into whether or not this financial advisor continued to associate with previous brokerage firm, Southern Trust Securities in Miami, FL, despite being prevented from doing so by regulators. In violation of securities industry regulations (FINRA Rule 8210), Mr. Escobio failed to cooperate with investigators — he did not respond to FINRA’s direct request for information, documents, records, and testimony.

FINRA is Seeking Additional Sanctions 

In relation to the new allegations of misconduct raised against Mr. Escobio, the FINRA Department of Enforcement is seeking the imposition of all sanctions deemed reasonable and appropriate. More specifically, the agency is requesting:

  • Findings of fact and conclusions of law be entered against this financial advisor;
  • Financial sanctions be imposed, including a monetary fine; and
  • Other sanctions be entered, potentially including a suspension or a permanent bar from the securities industry.

Notably, in April of 2019, FINRA learned that Robert Juan Escobio was incarcerated in Miami-Dade County, Florida. In contempt of court, he has failed to pay at least $1.5 million in financial restitution that was awarded to investors who were defrauded as part of his unlawful commodities trading scheme.

Speak to Our Miami, Florida Investment Fraud Lawyer Right Away

At ​Carlson & Associates, P.A., our Miami investment fraud attorneys handle all types of commodities fraud claims. If you or your loved one suffered investment losses due to broker or brokerage firm fraud, we are here to help. For a completely confidential review of your claim, please reach out to our law firm today. With an office located in Miami, our law firm represents investors throughout Florida.

Resources:

finra.org/sites/default/files/fda_documents/2018059545201%20Robert%20Juan%20Escobio%20CRD%20703813%20Complaint%20jm.pdf

brokercheck.finra.org/individual/summary/703813

https://www.carlson-law.net/with-regulatory-investigation-after-being-arrested-on-fraud-charges/

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