Florida Broker Marcus Moon Barred after Allegations of Selling Away  

According to The Securities and Exchange Commission on April 18, 2023, the agency is charging Marcus Moon, of Broward County, FL, with improperly offering investment advisory and brokerage services, allegedly “predominately to African American investors of the Christian faith.”  

From 2020 to 2021, Moon, who was reportedly affiliated with NYLife Securities, purportedly entered into brokerage agreements and engaged in trading activity with investors, through two companies he owned and controlled. The alleged trading was through the entities Increase Financial Strategies LLC and Faith Financial Strategies, and reportedly occurred without his employer’s knowledge or consent, according to the SEC’s complaint.   

Moon allegedly claimed that he was a “financial services professional” who held “various registrations in the financial services space” and portrayed Increase Financial as a brokerage services firm. Moon was neither authorized by his employer, nor licensed by FINRA, the self-regulator who oversees broker and brokerage firms, to purchase or sell common stock to others.  

According to the SEC’s complaint, Moon purportedly entered into brokerage agreements with nine investors, and with their consent accessed their online brokerage accounts and conducted hundreds of trades. Moon’s trading resulted in approximately $31,800 in losses to investors, who collectively paid Moon $3,000 in fees for his services.   

FINRA Rule 3280 Selling Away  

With certain exceptions, financial advisors are not allowed to participate in private securities transactions (“selling away”). In some circumstances, these transactions are allowed if the professional provides written notice to the firm first and discloses whether or not he or she will receive compensation for the proposed transaction.    

Typically, when a broker is “selling away,” the investments are in the form of private placements or other non-public investments, and often these are investments that the broker has some pecuniary interest in. Such an investment is generally a violation of securities rules because the brokerage firm has not researched the risks of the investment or approved the investment for sale to its clients, and the broker is selling the investment without the knowledge of his employer.      

Marcus Moon – FINRA BrokerCheck Profile   

According to his FINRA BrokerCheck report, in January 2022, FINRA barred Moon from association with any FINRA member in all capacities after he failed to respond to FINRA’s requests for information.   

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.   

BrokerCheck provides investors with detailed information about the professional history, qualifications, and regulatory actions of brokers and brokerage firms. Investors can use the tool to verify whether a broker or brokerage firm is registered with FINRA, as well as to review their employment history, licensing status, and any regulatory actions or complaints filed against them.   

According to his FINRA BrokerCheck profile, Moon was reportedly affiliated as a broker with the following firms among others:  

05/25/2017 – 03/22/2021 -NYLIFE SECURITIES LLC (CRD#:5167) -MIRAMAR, FL 

FINRA Attorneys to Recover Investment Losses  

When brokers violate securities laws, such as making unsuitable investments, the brokerage firm they are working with may be liable for investment losses through FINRA Arbitration. FINRA arbitration is generally a faster and less expensive alternative to traditional litigation.   

If your broker has defrauded you, you may be able to file a claim with FINRA to seek resolution through arbitration. FINRA arbitration can be a complex and technical process, and having an experienced attorney who is knowledgeable about securities law can greatly increase your chances of success.       

The FINRA attorneys at the White Law Group can help you with many aspects of the arbitration process including evaluating the merits of your claim and determining whether you have a strong case for arbitration.       

The White Law Group can assist you in drafting a statement of claim that accurately reflects the allegations of fraud and the damages you are seeking. They will also represent you at the arbitration hearing, present evidence and make arguments on your behalf. They may be able to negotiate a settlement for you before going to arbitration.  

If you have suffered losses investing with Marcus Moon, 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.
            

The White Law Group, LLC is a national securities fraud, securities arbitration, investor protection, and securities regulation/compliance law firm dedicated to helping investors in claims in all 50 states against their financial professional or brokerage firm. Since the firm launched in 2010, it has handled over 700 FINRA arbitration cases.      

Our firm represents investors in all types of securities related claims, including claims involving stock fraud, broker misrepresentation, churning, unsuitable investments, selling away, and unauthorized trading, among many others.       

With over 40 years of securities law experience, including experience working at FINRA and the SEC, The White Law Group has the expertise to help investors defrauded in securities, investment and financial business transactions attempt to recover their investment losses.    For more information, please visit our website, www.whitesecuritieslaw.com.