Finra bars former Lincoln Financial rep for misusing customer funds

Client invested $20,000 in a real estate investment controlled by the broker, who later used the money for his own personal use.

The Financial Industry Regulatory Authority Inc. has barred Jimmy Moscoso, formerly a broker with Lincoln Financial in Boca Raton, Fla., for improper use of customer funds.

In a letter of acceptance, waiver and consent, Finra said that in November 2017, an elderly client of Mr. Moscoso agreed to invest $20,000 in a “purported real estate investment” and gave Mr. Moscoso a check in that amount made payable to the name of a business owned by Mr. Moscoso. He endorsed the check, deposited it into a back account he controlled, and used the funds for his own personal use. In doing so, Mr. Moscoso violated Rule 2150(a), Finra said.

Mr. Moscoso was affiliated with Lincoln Financial from May 2015 through January, when his registration was terminated. Finra said that after Mr. Mosccoso’s conduct was discovered, Lincoln Financial reimbursed the customer amd Mr. Moscoso reimbursed Lincoln Financial.