Broker Maria Leon Barred By FINRA Following Termination

Maria Leon (Maria De Los Angeles Leon CRD# 6042515, aka, Maria D. Del Real, Maria De Los Angeles Del Real, Maria Del Real, Maria D Delreal, Maria D. Delreal, Maria De Los Angeles Delreal, Maria Delreal) is a previously registered broker last employed with PNC Investments (CRD# 129052) of Grand Rapids, MI. Her previous employers were J.P. Morgan Securities LLC (CRD# 79) of Chicago, IL and San Leandro, CA, and Chase Investment Services Corp. (CRD# 25574) of Michigan City, IN. She has been in the industry since 2012.

PNC Investments discharged Leon on August 13, 2024 for misappropriation of customer funds following an investigation. The firm issued a Uniform Termination Notice for Securities Industry Registration (Form U5) for her termination. Despite no longer being an employee of PNC or any other member broker-dealer, Leon continues to be subject to FINRA’s jurisdiction.

FINRA sent requests for related information, documents, and for on-the-record testimony to Leon on September 10, 2024.  Leon acknowledged the requests in an email on the same day and declined to provide the requested documents and information and refused any on-the-record testimony. This refusal violates FINRA Rules 8210 and 2010.

Leon signed a Letter of Acceptance, Waiver & Consent (AWC) on September 11, 2024. This led to FINRA permanently barring Leon from association with any FINRA member in all capacities, effective September 20, 2024.

FINRA And Former Brokers

FINRA’s regulatory reach extends beyond active brokers, maintaining oversight even after they leave the industry. Brokers who ignore FINRA investigations or disciplinary actions after transitioning to non-FINRA roles, such as becoming Registered Investment Advisors (RIAs), may face serious consequences.

A default decision barring them from FINRA firms can impact their work as an RIA and require embarrassing disclosures to employers and customers. This underscores the importance of cooperating with FINRA inquiries, regardless of current employment status, to avoid potential career-damaging repercussions in the financial services industry.

FINRA maintains regulatory oversight of brokers even after their registration is terminated through several mechanisms:

1. Two-year registration lapse period: Brokers have a two-year window after termination to reregister without requalifying by examination. This allows FINRA to maintain some control over recently departed brokers.
2. Four-year SIE exam validity: The Securities Industry Essentials (SIE) exam remains valid for four years after registration termination, enabling FINRA to track potential industry re-entry.
3. Continuing Education (CE) requirements: Individuals designated as CE inactive must complete all pending and upcoming annual Regulatory Element to remove the inactive status, even if they’re no longer registered.
4. Maintaining Qualifications Program (MQP): Eligible individuals can enroll in the MQP, which provides up to five years to re-register without requalification, allowing FINRA to maintain oversight.
5. Statutory Disqualification proceedings: FINRA can deny registration or membership to disqualified persons or members, even after they’ve left the industry.

These measures ensure that FINRA can monitor and regulate brokers’ activities and qualifications, even after they’ve terminated their registration, maintaining industry standards and investor protection.

Did You Invest With Maria De Los Angeles Leon? 

Silver Law Group represents investors in securities and investment fraud cases. Our lawyers are admitted to practice in New York and Florida and represent investors nationwide to help recover investment losses due to stockbroker misconduct. If you have any questions about how your account has been handled, call to speak with an experienced securities attorney. Most cases are handled on a contingent fee basis, meaning that you won’t owe us until we recover your money for you. Contact us today at (800) 975-4345 and let us know how we can help.