In addition to his 30-day suspension, the Florida broker was also fined
In April of this year, Rafael Moreno accepted the sanctions levied against him by the Financial Industry Regulatory Authority (FINRA) for charges related to conducting outside business activity. As a result, the broker was fined and suspended.
First registered with Donaldson, Lufkin & Jenrette Securities Corporation of Jersey City, NJ, Moreno has been employed with Mora Wealth Management LLC in Miami since October of 2012.
Between May 2009 and April 2012, while working for LPL Financial LLC, Moreno allegedly offered investment management services to an LPL customer through an entity he created called Vega Wealth Management Corp, without giving written notice to the member firm. As a result, Moreno is alleged to have received fees through Vega totaling over $21,000. In addition, Moreno is reported to have claimed not to be involved in any dealings outside of the firm in annual compliance questionnaires.
Licensed financial advisors are required to disclose all outside business activities – often referred to as “selling away” – to their brokerage firms and also to receive prior approval. And whether they know about these activities or not, a brokerage firm is responsible for them. Losses from selling away often occur in private securities transactions, including real estate investments, hedge funds, and promissory notes.
You can learn more about the charges against Rafael Moreno by reading this FINRA report on BrokerCheck. Anyone handling your money has an obligation to give you full disclosure about his or her actions. If you employed Rafael Moreno to make investments for you, there could be some information you weren’t given that you should know about.
The Silver Law Group represents people who have been victimized by fraudulent or improper investment tactics. We are a contingency-based firm, which means we will only collect a fee if you are able to recover money. For a no-obligation consultation with an experienced arbitration attorney, contact our firm at (800) 975-4345 or through our online form.