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South Florida Broker Barred for Taking Money From Elderly Investor

Earlier this year, the Financial Industry Regulatory Authority (FINRA) announced that Jimmy Oswald Moscoso (CRD#: 2912265), a registered broker based in South Florida, has been permanently barred from the securities industry. Mr. Moscoso was accused of misusing the funds of a vulnerable, elderly investor.

In this post, our experienced Miami investment fraud attorneys detail the specific allegations against Mr. Moscoso. All information contained within this article has been sourced directly from the FINRA Letter of Acceptance, Waiver and Consent. If you are interested in reading the full document, please refer to Disciplinary Proceeding No. 2018057246701.

The Allegations Against Jimmy Oswald Moscoso  

Background and Key Facts 

Jimmy Oswald Moscoso first entered the securities industry in 1998. From 1998 through 2004, Mr. Moscoso was employed as a registered broker at Putnam Retail Management Limited Partnership in Boston, Massachusetts. From 2015 through 2018, Mr. Moscoso worked as a securities representative at Lincoln Financial Advisors Corporation, based out of an office in Boca Raton, Florida.

In January of 2018, Mr. Moscoso was separated from his position at Lincoln Financial after allegations of misconduct were filed against him. Soon after the employment termination was reported to FINRA, as is required by industry regulations, the agency opened an investigation into the accusations against Mr. Moscoso. 

Violative Conduct 

In its investigation, FINRA determined that an elderly customer agreed to invest $20,000 with Jimmy Oswald Moscoso in November of 2017. The purpose of this investment was to put money into a real estate development project. To fund the investment, the customer wrote a personal check that was made out to a company controlled solely by Mr. Moscoso. Unfortunately, FINRA determined that Mr. Moscoso did not make proper use of this customer’s funds. Instead, investigators believe that he simply siphoned off the money and kept the funds for his own personal use.

This conduct is a direct violation of FINRA Rule 2150, which strictly governs how registered representatives can use customer funds and customer securities. Sadly, this type of conduct is far from rare. Elder financial fraud remains a serious issue in the United States. Perhaps nowhere is elder financial abuse a bigger problem than in South Florida.

The Sanctions 

Without admitting or denying any of the allegations against him, Mr. Moscoso has consented to the full sanctions proposed by FINRA’s Department of Enforcement. To start, he refunded the $20,000 to the customer who was affected by the misconduct. In addition, FINRA has permanently barred Mr. Moscoso from the securities industry. He is prohibited from associating with any FINRA member firm in any capacity.

Get Help From Our Miami Investment Fraud Team  

At Carlson & Associates, P.A., we are proud to be fierce advocates for investors. If you or a loved one lost money due to broker theft, we are here to help. Please call us at 1-(305)-372-9700 for a  confidential consultation. From our office in Miami, we represent investors throughout the region, including in Miami Lakes, Coral Gables, Palmetto Bay, and Pinecrest.

Resources:

brokercheck.finra.org/individual/summary/2912265

finra.org/sites/default/files/fda_documents/2018057246701%20Jimmy%20Oswald%20Moscoso%20CRD%202912265%20AWC%20jm.pdf

finra.complinet.com/en/display/display_main.html?rbid=2403&element_id=8692

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