Tarek Mohamed Barred by FINRA

The Florida-based Soreide Law Group obtained the following information on FINRA’s website under, “Disciplinary and Other FINRA Actions,” from March, 2022 on the following Florida broker:
Tarek Mohsen Mohamed (Tarek Mohamed, CRD #6717691), New Port Richey, Florida) formerly with Bankers Life Securities of Clearwater, Florida.
On January 27, 2022  an Order Accepting Offer of Settlement was issued in which Tarek Mohamed was barred from association with any FINRA member in all capacities.
Without admitting or denying FINRA’s allegations, Tarek Mohamed consented to the sanction and to the entry of findings that he failed to provide a complete response to FINRA’s requests for information and documents.
According to the FINRA findings, it was stated that the requested information and documents were necessary to determine whether Tarek Mohamed allegedly converted client funds, improperly failed to disclose his outside business activities (OBAs) to his member firm, or engaged in other misconduct in violation of FINRA rules or federal securities law.
(FINRA Case #2020067814802)
According to FINRA’s BrokerCheck, Tarek Mohamed, was registered in the securities industry for 2 years and has 3 disclosures on his FINRA CRD report.  Two of the disclosures are, “Regulatory,” and the third is a “Customer Dispute.” The allegations in the dispute were, “In a written complaint, dated July 22, 2020, addressed to Bankers Life and Casualty Company (BLC), an insurance company affiliate of the Firm, a BLC client's POA alleged that the client wrote his financial representative two personal checks (1st for $31,000 on 12/3/2019, 2nd for $15,000 on 6/23/2020) made out to a company called Perfect Media Promotions, Inc LLC, a company that was initially registered to the financial representative but has been inactive since 2017. Perfect Media Promotions, Inc. is not affiliated with BLC or the Firm. The complaint alleged that the client was not provided any documentation relating to this alleged investment. The complaint further alleged that the financial representative fraudulently took the $46,000 and requested return of this money. In light of the allegations, BLC informed local law enforcement of the complaint. BLC was subsequently notified that law enforcement did not intend to pursue criminal charges, based on its determination of no criminal activity within the jurisdiction. BLC denied the first complaint on August 19, 2020. The Firm conducted a review of the accounts and determined the complainant was not a client of the Firm, however the Firm is reporting this complaint due to client's allegation of theft, misappropriation and conversion. Client's POA filed a subsequent complaint on October 20, 2020 addressed to BLC asking for the client be able to surrender his equity-indexed annuities and LI Policy issued by BLC without penalty, alleging the former financial representative did not act in the client's best interest. In the second complaint, the client's POA reiterated the allegation that client did not receive the $46,000 at issue in his first complaint. BLC determined to settle this complaint with the client and refunded all BLC policies written by the financial representative without any surrender penalties and refunded the $46,000 that was at issue in the first complaint. In relation to the second complaint, while the equity indexed annuities sold to the client were not securities and were issued by BLC, the firm is reporting this complaint because the source of funding for three of the BLC annuities came from the sale of securities recommended by a financial representative of the Firm.”
The damage amount requested for this dispute was $75,982.00, and the dispute settled for $75,982.00.
Tarek Mohamed was registered with the following firm:
10/12/2017 - 09/02/2020  BANKERS LIFE SECURITIES INC  -  Clearwater, FL
If you’ve experienced losses due to the actions or recommendations of the former Bankers Life Securities of Clearwater, Florida, broker, Tarek Mohamed, contact the Florida-based Soreide Law Group and speak to an experienced securities lawyer regarding to possible recovery of your financial losses through a FINRA arbitration at:  888-760-6552.
Soreide Law Group works on a contingency fee basis and represents our clients nationwide before FINRA.