Broker Barred by FINRA for Unsuitable and Excessive Trading in Customers' Accounts

The following information was obtained on FINRA’s website under “Disciplinary and Other FINRA Actions, July, 2013,” by Soreide Law Group, a Securities Arbitration Law Firm, (888) 760-6552.

Edwin Efrain Mosquera (CRD #3049414, Registered Representative, Howard Beach, New York)

was barred from association with any FINRA member in any capacity. In light of Mosquera’s financial status, no monetary sanction was imposed. Without admitting or denying the findings, Mosquera consented to the described sanction and to the entry of findings that he recommended and engaged in unsuitable and excessive trading in customer accounts.

FINRA's findings stated that all the customers were unsophisticated investors with limited education. In two instances, English was the customers’ second language; and in another case, the customer did not speak or read English. All the customers trusted Mosquera to handle their accounts and gave him trading authority, either through written authority or through verbal authority. Mosquera did not obtain the requisite prior written authorization from the customers or the firm to trade on a discretionary basis in connection with the accounts.

Also, FINRA's findings stated that the trading in each account showed a pattern of buying and selling certain securities within short time periods while earning Mosquera significant commissions. During a very volatile time in the market, Mosquera recommended and engaged in unsuitable leveraged and inverse ETF transactions in each of the accounts. The findings also included that each customer filed an arbitration claim against the member firm and Mosquera, and the firm settled the matters. Mosquera did not contribute to the settlements. (FINRA Case #2011029222402)

Mosquera, according to FINRA's BrokerCheck, was previously registered with FINRA at the following brokerage firms:

INVESTORS CAPITAL CORP.
CRD# 30613
FOREST HILLS, NY
08/2006 - 12/2010

CITICORP INVESTMENT SERVICES
CRD# 23988
LONG ISLAND CITY, NY
11/2003 - 07/2006

HSBC BROKERAGE (USA) INC.
CRD# 6956
NEW YORK, NY
02/2003 - 11/2003

This ends the information obtained on FINRA’s website.

If you’ve experienced investment losses due to your stock broker/financial advisor’s recommendations, call Soreide Law Group for a free consultation with an attorney on how to potentially recover your losses: 888-760-6552.