John P. Mosley, of Westbrook, Maine, a stockbroker with NYLife Securities LLC, was permanently barred from associating with any Financial Industry Regulatory Authority (FINRA) member firm in any capacity after he consented to findings that he converted customer funds. Letter of Acceptance, Waiver and Consent, No. 2016051400601 (Sept. 30, 2016).
According to the AWC, while Mosley was associated with his firm, he was also involved in an outside business activity by working as Treasurer for Maine DeMolay Association from December 1, 2014, through March 7, 2016. Mosley reportedly utilized an estimated $51,000.00 of MDM Association’s funds to pay his personal expenses, in which he obtained the monies through his capacity as Treasurer.
The AWC stated that the Association never authorized Mosley’s use of the funds. As such, FINRA found that Mosley violated FINRA Rules 2010 as a result of converting the Association’s funds, which led to his permanent bar. According to FINRA’s BrokerCheck, on September 6, 2016, NYLife Securities LLC terminated Mosley amid allegations of his aforementioned misconduct.
Mosley has also been subject to two prior customer disputes. Particularly, on January 29, 1990, he settled a customer dispute for $26,000.00 after the customer alleged that Mosley failed to add an insurance rider to the customer’s policy, leading the customer to bear losses as a result. On July 20, 1989, Mosley settled a customer dispute for $50,000.00 after a customer alleged that Mosley misrepresented an investment in gold coins. Letter of Acceptance, Waiver and Consent, No. 2016049950001.
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