Written by The White Law Group• March 28, 2024• 5:36 pm• Broker Investigations, FINRA SEC Sanctions

Juan Carlos Sosa Barred by FINRA

Juan Carlos Sosa Allegedly Converted Customer’s Funds

According to a letter of acceptance on March 19, 2024, the Financial Industry Regulatory Authority (FINRA) has barred former SagePoint Financial advisor Juan Carlos Sosa (CRD#: 4059846) from associating with any FINRA member at any time.

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According to FINRA, the securities regulator, on July 7, 2022, SagePoint (now known as Osaic Services) filed an amended Form U4, disclosing a customer complaint alleging that Sosa may have moved money from a customer trust to another customer’s account.

On July 18, 2022, SagePoint reportedly filed a Form U5 stating that Sosa was “permitted to resign during review by firm regarding representative being named successor trustee and beneficiary of a client’s trust.”

FINRA reportedly found that from at least April 2017 through November 2018, while associated with SagePoint, Sosa allegedly converted over $331,000 from an elderly customer for his personal use, thereby violating FINRA Rules 2150(a) and 2010.

According to FINRA, Sosa reportedly refused to provide information in its investigation, leading to the bar.

Sosa’s broker profile indicates that he has four customer disputes filed against him. Allegations included unsuitable investments, among others.

FINRA Rule 2150 prohibits any member or person associated with a member from making improper use of a customer’s securities or funds. It also prohibits any guarantee against a customer’s loss or sharing in a customer’s account.

FINRA BrokerCheck Report – Juan Carlos Sosa

According to this FINRA BrokerCheck report, Juan Carlos Sosa was affiliated with the following firms during his career in the securities industry:

08/03/2022 – 03/21/2024, INDEPENDENT FINANCIAL GROUP, LLC (CRD#:7717), STUDIO CITY, CA,
B, 10/31/2005 – 07/18/2022, SAGEPOINT FINANCIAL, INC. (CRD#:133763), STUDIO CITY, CA

The FINRA BrokerCheck tool is a free online tool that allows investors to research and verify the background and credentials of financial brokers, brokerage firms, and investment advisors registered with FINRA.

You can use the tool to verify if a broker or brokerage firm is registered with FINRA, review their employment history, licensing status, and any regulatory actions or complaints filed against them.

Recovery of Investment Losses

When brokers abuse client accounts and conduct transactions that violate securities laws, the brokerage firm they are working with may be liable for investment losses through FINRA Arbitration.

Brokerage firms that fail to monitor the business activities of their employees may be liable for investment losses due to negligent supervision for the misconduct of their employees.

The White Law Group is a national securities fraud, securities arbitration, and investor protection law firm with offices in Chicago, Illinois and Seattle, Washington. Our firm has handled over 700 FINRA arbitration claims on behalf of investors.

Free consultation

If you have suffered losses investing with Juan Carlos Sosa and SagePoint Financial, the securities attorneys at The White Law Group may be able to help you. For a free consultation with a securities attorney, please call (888) 637-5510.