Category Archives: Lincoln Financial Advisors

Jose M. Canales-Former Lincoln Financial Broker/Agent-Barred From Securities Industry-El Paso, TX

April 2018- El Paso, Texas

According to FINRA records,  Jose M. Canales , a currently unregistered broker who last worked for Lincoln Financial Securities Corp. , discloses a prior final regulatory event, a prior customer dispute and a termination from employment.

The Financial Industry Regulatory Authority (FINRA) is the agency that licenses and regulates stockbrokers and brokerage firms. FINRA requires brokers and brokerage firms to report customer complaints and disputes as well as regulatory sanctions. In addition brokers are required to disclose certain financial matters such as personal bankruptcies, judgments and liens.

Jose M. Canales  entered into a Letter of Acceptance Waiver and Consent (AWC) with the Financial Industry Regulatory Authority (FINRA) to resolve allegations that  he failed to provide documents and to appear for testimony in connection with a FINRA investigation into the events leading up to his termination of employment from Lincoln Financial Securities Corporation. 

According to FINRA records, Canales was discharged from Lincoln Financial Securities on 5/2/2014 “for accepting cash from customers for deposit into his account, contrary to firm policy, in order to pay life insurance premiums on behalf of his customers.”

Canales, through his attorney, advised FINRA that he would not appear for testimony or provide documents and information in connection with the FINRA investigation. AWC No.  2014041231501

Canales was permanently barred from association with any FINRA member in all capacities.

FINRA records disclose that Canales was registered with Lincoln Financial Securities Corporation from 9/2002-5/2014.

If you suffered losses in an account handled by Jose Canales, you may be able to recover damages from his employer. Call for a no charge consultation to discuss your options.

Rex Securities Law , with offices in Boca Raton, FL,  and  Austin, TX,   provides representation to  investors  nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney.

Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.

Nationwide Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Jimmy Moscoso-Former Lincoln Financial Advisor Broker-Barred From Securities Industry-Boca Raton, FL

February 2018-Boca Raton, FL

According to publicly available records Jimmy Oswald Moscoso  , (CRD# 2912265) ,  a   former stockbroker who last worked for Lincoln Financial Advisors,  discloses that he was recently barred from the securities industry and  terminated from employment.

The Financial Industry Regulatory Authority (FINRA) is the agency that licenses and regulates stockbrokers and brokerage firms. FINRA requires brokers and brokerage firms to report customer complaints and disputes as well as regulatory sanctions. In addition brokers are required to disclose certain financial matters such as personal bankruptcies, judgments and liens.

In February 2018 FINRA permanently barred Moscoso. Without admitting or denying the findings Moscoso consented to the sanction and to the entry of findings that he converted customer funds. According to FINRA, an elderly customer agreed to invest in a real estate investment and gave Moscoso $20,000, payable to a business owned by Moscoso who then deposited the check and used the funds for personal expenses.

Moscoso was discharged by Lincoln Financial Advisors in 1/2018 after the firm learned that he had personally used customer funds for his own benefit.

Moscoso was employed by Lincoln Financial Advisors from 3/2015-1/2018.

If you have losses in an  investment account handled by Jimmy Moscoso  , call to learn how you may be able to recover damages through FINRA arbitration.

Rex Securities Law , with offices in Boca Raton, FL,  and  Austin, TX,   provides representation to  investors  nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney.

Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.

Nationwide Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870

Douglas C. Robb-Former Cuso Financial Services Broker-Discloses Termination From Employment

Port Chester, New York

According to FINRA records,  Douglas C. Robb, Jr.   a stockbroker who was recently employed by Cuso Financial Services , discloses  a termination.

The Financial Industry Regulatory Authority (FINRA) is the agency that licenses and regulates stockbrokers and brokerage firms. FINRA requires brokers and brokerage firms to report customer complaints and disputes as well as regulatory sanctions. In addition brokers are required to disclose certain financial matters such as personal bankruptcies, judgments and liens.

Robb was employed by Cuso Financial Services from 5/2012-4/2016. He was permitted to resign from Cuso Financial in 4/2016 for violation of firm special supervision program for failing to secure pre-approval of a variable annuity transaction.

Robb’s prior employment includes Lincoln Financial Distributors from 5/2006-5/2012.

If you have questions about an account handled  by Douglas C. Robb, Jr. , call for a no charge consultation.

Rex Securities Law , with offices in Boca Raton, FL,  and  Austin, TX,   provides representation to  investors  nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney.

Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.

Nationwide Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870

Nilda Vasey, Former Ameriprise Broker, Sanctioned by Securities Regulator

January 23, 2015-Hingham, MA

Nilda L. Vasey  entered into a Letter of Acceptance, Waiver and Consent  (AWC) with the Financial Industry Regulatory Authority (FINRA) to resolve allegations that between June 2012 and August 2013 she asked six customers to make their annual firm financial planning fee payments payable to herself rather than the firm. She received about $5,400 and used the funds for herself in violation of FINRA Rules.

According to the AWC Vasey was registered with Ameriprise Financial Services until October 2013 when she was terminated for “failing to adhere to behavior and performance expectations. In December 2013, Vasey was employed by Lincoln Financial Advisors.

In the AWC, Vasey consented to a bar from associating with any FINRA regulated broker-dealer in any capacity.

Case # 20140410518

If you have losses in an account handled by Nilda Vasey , contact us to discuss how you may be able to recover damages through FINRA arbitration.

Rex Securities Law , with offices in Boca Raton, FL,  and  Austin, TX,   provides representation to  investors  nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney.

Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.

Nationwide Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870

Five Brokerage Firms Order to Pay Another $10 Million On Non-Traded REIT Sales

As we have previously noted, regulators have already hit broker-dealers for big fines and damages for the sale of non-traded REITs:

  • In May Massachusetts regulators order five firms to pay $6 million for improperly selling non-traded REITs
  • Earlier in 2013 LPL Financial was hit with a $4.8 million order from the Massachusetts securities regulators for failing to train and supervise brokers in connection with the sale of non-traded REITs.

In early September 2013, Massachusetts regulator William Galvin announced a second round of restitution orders, totaling $10.75 million,  against the same five firms: Securities America, Ameriprise Financial, Commonwealth Financial Network, Lincoln Financial and Royal Alliance.

In total, the six firms have agreed to pay up to $21.6 million in restitution and fines of $1.5 million.

According to Galvin, “These investments are popular, but risky. Our investigation showed widespread problems with adherence to the firms’ own policies, as well as the state rule that an investor’s purchase of REITs cannot be more than 10% of that person’s liquid net worth”.

What are non-traded REITs?

Non traded real estate investment trusts (REITS) do not trade on any conventional exchange and were sold with the promise of steady and dependable income, with little warning as to the illiquid nature of the investment and with the hopes of appreciation. Many purchasers believed them to be safe, secure investments similar to bonds. Now many of these investments have ceased making distributions and have plummeted in value. Since they are not traded on any conventional exchange, investors may look only to a secondary market if liquidity is required.

Popular Non-Traded REITs include:

Behringer Harvard (Multifamily, Opportunity I and II)

CNL Lifestyle Properties

Cole Credit Property Trust II and III

Corporate Property Associates 16, 17

Dividend Capital Diversified Property Fund

Healthcare Trust of America

Hines

Inland Diversified

KBS I and II

KBS Strategic

Landmark Apartment Trust

Lightstone Value 

Retail Property of America

TNP Strategic Retail

United Development Fune III and IV

Columbus Property (Wells REIT II)

Wells Timberland

If you believe you were sold a non traded REIT based upon misrepresentations, you may be able to recover damages through FINRA arbitration. Contact us for more information.

Rex Securities Law , with offices in Boca Raton, FL,  and  Austin, TX,   provides representation to  investors  nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney.

Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.

Nationwide Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870