Goodman & Nekvasil P.A, May Recover Investor Losses – Rafael Moreno Fired by LPL Financial, LLC
From 2003 until 2012, Rafael Moreno was licensed with LPL Financial, LLC. Rafael Moreno is now licensed with Mora WM Securities. According to FINRA’s records Rafael Moreno was fired from LPL Financial, LLC on August 17, 2012. LPL Financial, LLC reported to FINRA that Rafael Moreno was terminated for cause for violation of firm policies and procedures relating to the failure to disclose multiple unapproved outside business activities.
Subsequent to Rafael Moreno’s discharge by LPL Financial, LLC, FINRA investigated Rafael Moreno and brought a disciplinary action against Rafael Moreno. Rafael Moreno consented to a 30-day suspension from the securities and investment banking industry and a $5,000 fine. Rafael Moreno also consented to findings that Rafael Moreno engaged in an undisclosed business activity between May 2009 and April 2012. Specifically, Rafael Moreno furnished Investment Management Services to a LPL customer through an entity created called Vega Wealth Management Corp. Rafael Moreno received fees through Vega that totaled approximately $21,419. Additionally, Rafael Moreno incorrectly certified to LPL via the annual compliance questionnaires submitted in 2010, 2011, and 2012 that he was not involved in any outside business activity.
Prior to this action by FINRA, the Florida Office of Financial Regulation investigated Rafael Moreno and brought a disciplinary action against Rafael Moreno. The Florida Office of Financial Regulation found that Rafael Moreno conducted outside business activity and received compensation from the outside business activity without notifying Rafael Moreno’s firm; Rafael Moreno falsely represented that he did not have any undisclosed outside business activity; and Rafael Moreno engaged in investment advisory business from offices within Florida without the benefit of lawful registration in Florida pursuant to section 517.12(1), F.S. Rafael Moreno agreed to cease and desist from all present and future violations of Chapter 517, F.S. and the administrative rules thereunder; and to pay an administrative fine in the amount of $19,500.
If you lost any money on investments with Rafael Moreno, you may be able to recover your losses from Mora WM Securities and/or LPL Financial, LLC. This is because Mora WM Securities and LPL Financial, LLC had a duty to supervise Rafael Moreno.
If you lost money on investments with Rafael Moreno and believe that the investments may have been unsuitable or otherwise improper for you, we would like to discuss the possibility of your retaining our firm to represent you in an arbitration action against Mora WM Securities and/or LPL Financial, LLC concerning Rafael Moreno’s conduct. There is no charge for an evaluation of your case. Further, we handle our cases on a contingency fee basis. This means that unless we recover money for you, we charge no attorney’s fee. Unless you recover any money, you pay us nothing, not even the costs and expenses which the firm will advance on your behalf.
Kalju Nekvasil, Esq., formerly regional counsel with the NASD, now known as FINRA, has practiced in this area of the law for more than 35 years. Our firm has recovered more than $170 million on behalf of victimized investors. If you lost money on investments with Rafael Moreno and would like your case evaluated by a securities attorney (again, there is no charge for an evaluation and all cases are handled on a purely contingency fee basis), please contact us.
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