Lawrence Moskowitz of Melville New York a stockbroker formerly registered with NYLife Securities LLC has been fined $5,000.00 and suspended for four months from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon findings that he engaged in outside business activities while associated with NYLife Securities. Letter of Acceptance Waiver and Consent No. 2019063529101 (July 1, 2021).
According to the AWC, Moskowitz provided financial and business services to an art company. This generated $15,000 in payments to the stockbroker each month for a seven-year period. Moskowitz also did property and casualty insurance work for this company. For seven years ending in December of 2018, Lawrence Moskowitz CLU obtained a $4,800,000.00 payment from the company.
When Moskowitz engaged in the insurance work for the company, he asked NYLife Securities for permission. At that time Moskowitz did not identify that he was doing business and financial work for the art company or ask permission to do this as an outside business activity. His request to be involved with that company was still denied by NYLife Securities at that time.
The regulator also noted that Moskowitz was administered annual compliance questionnaires throughout the 2012 to 2018 period. The stockbroker falsely claimed in submitting the questionnaires that he was in compliance with the company’s policies.
Moskowitz violated FINRA Rule 3270 for outside business activities.
The stockbroker has been identified in three customer initiated investment related disputes regarding allegations of his harmful actions while registered with NYLife Securities. FINRA Public Disclosure reveals that a customer filed an investment related complaint regarding Moskowitz’s activities in which the customer sought $275,429.00 in damages supported by accusations that the stockbroker provided them with misinformation as to their contributions and the tax consequences associated with a pension plan account.
Another customer filed an investment related complaint involving Moskowitz’s activities where the customer requested $67,017.00 in damages based upon allegations that unauthorized transactions were executed in their account which led them to experience damages on stock holdings. Moskowitz is also the subject of a customer initiated investment related written complaint in which the customer sought unspecified damages founded on accusations of the customer not being made fully aware of breakpoint discounts and share classes.
On July 6, 2019, Moskowitz’s registration with NYLife Securities was terminated supported by allegations that he violated its policy relating to outside business activities.