FINRA recently announced that Joseph Mahmud, a registered representative in Lafayette, Louisiana has been barred from the securities industry.
Without admitting or denying the findings, Mahmud consented to the described sanction and to the entry of findings that without a customer’s knowledge or authorization, he made unauthorized withdrawals and misappropriated approximately $95,000 from the customer’s annuity. The customer did not receive the proceeds from the withdrawals. Mahmud’s member firm, after detecting Mahmud’s conduct, credited the customer’s annuity in the amount of $99,959.88, which represented the amount misappropriated plus interest. In a related criminal proceeding, based in part on the described conduct, Mahmud pled guilty to grand larceny in the second degree and identity theft in the first degree.
According to a Forbes report, Mahmud entered the securities industry in August 2005 and from November 2, 2009 through June 17,2011, he was dually employed with Chase Investment Services Corp. (“CISC” ) as an investment representative; and Chase Bank as a personal banker.
The White Law Group is investigating the liability that Mahmud’s employers may have for his alleged conduct. To the extent that his employers failed to properly supervise Mahmud contributing to clients’ losses, the employers may be held liable for damages in a FINRA arbitration claim.
If you suffered losses investing with Mahmud and would like to discuss your litigation options, please call the securities attorneys of The White Law Group at 312/238-9650 for a free consultation.
The White Law Group is a national securities fraud, securities arbitration, and investor protection law firm with offices in Chicago, Illinois and Boca Raton, Florida.
For more information on the firm, visit https://whitesecuritieslaw.com.Tags: Joseph Mahmud charges, Joseph Mahmud FINRA penalty, Joseph Mahmud FINRA sanction, Joseph Mahmud investigation, Joseph Mahmud lawsuit, Joseph Mahmud losses, Joseph Mahmud theft Last modified: July 17, 2015