Rosaline Alam (also known as Rosaline Alrachid), of Claremont, California, a stockbroker registered with Lincoln Investment, has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity because Alam refused to provide information and documents requested by the regulator during an investigation into the alleged misappropriation of customer funds. Letter of Acceptance, Waiver, and Consent No. 2023080454101 (June 11, 2024).
On April 15, 2024, FINRA asked Alam for documents and information related to its investigation into the Form U5 filed by Pruco Securities. The Form U5 disclosed that a customer’s funds were allegedly misappropriated by Alam. According to the AWC, FINRA also sought information from Alam about her allegedly being named as a beneficiary in the customer’s will, which was against firm policy.
According to an email from Alam’s lawyer on April 29, 2024, Alam confirmed receiving FINRA’s request but refused to provide information and documents. By failing to comply with the investigators, Alam violated FINRA Rules 8210 and 2010.
FINRA Public Disclosure shows that Alam is also referenced in a customer initiated investment related complaint filed on December 8, 2023, in which the customer sought compensation based upon allegations that Alam did not disclose all the facts regarding surrender charges and fees when Alam was associated with Pruco Securities LLC.
Alam was associated with Lincoln Investment in Claremont, California from October 9, 2023, to April 10, 2024.
