Daniel Gustavo Diaz (CRD: 1715827), a former securities broker last registered in Miami, Florida, was permanently barred from associating with Financial Industry Regulatory Authority (FINRA) member firms, according to BrokerCheck. He worked for Merrill Lynch from October 30, 1989, to March 21, 2025, and Raymond James Associates Inc. from May 5, 2025, to September 8, 2025. For investors concerned about possible losses involving Diaz, the circumstances behind FINRA’s decision warrant a closer look.
On September 2, 2026, FINRA permanently barred Daniel Diaz from associating with any FINRA member in any capacity in Case No. 2025085419901. FINRA said Diaz declined to appear for requested testimony during an investigation into his possible involvement in allegedly excessive commissions on certain securities trades.
Merrill Lynch reported on March 21, 2025, that it discharged Diaz after he failed to follow management’s instructions to reduce commissions for certain client accounts. FINRA’s investigation began after it reviewed the firm’s termination filing. On July 20, 2026, FINRA requested Diaz’s testimony under Rule 8210. On July 21, 2026, Diaz’s attorney informed FINRA that Diaz had received the request but would not appear.
FINRA found that Diaz’s refusal to testify violated FINRA Rules 8210 and 2010. FINRA Rule 8210 gives FINRA the authority to require brokers to provide information, documents, and testimony during investigations. Rule 2010 requires brokers to uphold high ethical standards. Refusing to testify when required can violate both rules, as FINRA found here. Diaz resolved the matter through an Acceptance, Waiver and Consent agreement without admitting or denying FINRA’s findings.
Investors who believe they suffered losses involving Daniel Diaz can contact Soreide Law Group online or at (888) 760-6552 to discuss potential recovery options with a securities attorney. Soreide Law Group has recovered losses for investors throughout the United States, works on a contingency fee basis, and advances all costs. The FINRA materials provided do not indicate whether Diaz or his former brokerage firms deny the sales-practice accusations.
Moors & Cabot, Inc. (CRD 594) is a brokerage firm based in Boston, Massachusetts. FINRA censured and fined the firm $125,000 after finding it failed to develop and implement an anti-money laundering compliance program reasonably expected to detect and report suspicious transactions, according to an AWC issued August 24, 2026.
Cowen and Company, LLC (CRD 7616), now part of TD Securities (USA) LLC, is a brokerage firm based in New York, New York. FINRA censured and fined the firm a total of $80,000, of which $40,000 is payable to FINRA, according to an AWC issued August 19, 2026.
Webull Financial LLC (CRD 289063) is a brokerage firm based in New York, New York. FINRA censured and fined the firm $115,000 after finding it maintained inaccurate books and records of options order origin codes, according to an AWC issued August 17, 2026.
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