Securities Arbitration Lawyers BlogGlenn Moffitt Barred By FINRA For Alleged Elder Fraud
Nevada financial broker permanently barred from all FINRA activity after taking advantage of elderly clients
Henderson, NV broker Glenn Moffitt was permanently barred from all FINRA activity for allegedly misappropriating funds from elderly clients between 2011-2014. According to his FINRA report, Moffitt is accused of misappropriating at least $370,000 and failing to cooperate with the FINRA investigation into these charges. Moffitt was registered with First Allied Securities Inc. of Las Vegas, NV during this time period.
The elderly victim alleges that Moffitt misappropriated more than a total of $400,000 from multiple accounts. This client also reports that Moffitt admitted the wrongdoing but did not repay the funds as promised. He allegedly pressured the client and steered them toward investments that were high risk and not in line with the client’s goals.
Moffitt is also accused of churning these accounts as well as these unethical acts: fraud, elder exploitation, breach of fiduciary duty, negligent misrepresentation and hiring and supervising.
Over the last decade, he has been registered with the following FINRA firms:
- Cambridge Investment Research Inc.
- First Allied Securities, Inc.
- Regal Securities Inc.
- Bank of America Investment Services, Inc.
Elder financial fraud is a particularly cruel form of financial misconduct that preys on vulnerable, trusting and sometimes cognitively impaired elderly individuals. This type of fraud is on the rise in our country and occurs when a financial advisor or investment broker knowingly (using deception or intimidation) keeps the victim from using their personal funds, knows that the client lacks capacity to consent, and this breach of fiduciary duty results in authorized appropriations.
Silver Law Group represents victims of investment brokers and financial advisors that have committed elder fraud and holds them accountable for taking advantage of this vulnerable group of Americans. Brokers who commit elder fraud succeed when the victims do not speak up, so we encourage you to get in touch with our legal team if you have concerns that you or someone you love is being taken advantage of. Call 1-800-975-4345 today for more a complimentary case review.
Silver Law Firm specializes in elder fraud cases – and has a track record of success for recovering financial loss. In fact, our legal team only gets paid IF (and only if) they recover your lost investments, so you can trust that we will work with your best interests in mind.
We also try to educate the community about the risks of elder fraud and frequently lecture at retirement communities, town meetings, pension groups, and other places and discuss with those audiences proactive measures to avoid being victims of investment fraud. Contact us with any questions and concerns or if you would like to speak about your personal financial situation.