James Edmond Moniz of Brainless, Massachusetts, a stockbroker formerly registered with Signator Investors, Inc., has become the subject of heightened supervision requirements imposed by the Secretary of State of the Commonwealth of Massachusetts, Securities Division, according to a Consent Order containing findings that Moniz accumulated nine customer complaints, FINRA rule infractions and a civil judicial action brought by the attorney general of the Commonwealth of Massachusetts. Case No. R-2015-0127 (Dec. 13, 2015).
Financial Industry Regulatory Authority (FINRA) Public Disclosure reveals that Moniz is identified in eleven customer initiated investment related disputes containing allegations of his misconduct from the time he was associated with Signator Investors, Inc. Specifically, on February 25, 2010, a customer filed a written complaint involving Moniz’s conduct, where the customer requested $7,987.01 in damages based upon allegations that Moniz sold an unsuitable life insurance policy to the customer.
On November 26, 2013, a customer initiated investment related written complaint regarding Moniz’s activities was resolved for $59,130.00 in damages supported by allegations of Moniz’s unsuitable recommendations of an insurance policy which required premium payments that the customer could not afford. Thereafter, on December 8, 2014, a customer initiated investment related written complaint involving Moniz’s conduct was settled for $322,652.91 in damages based upon allegations that Moniz made misrepresentations to the customer concerning a life insurance policy.
Thereafter, on October 8, 2014, a customer filed a complaint in reference to Moniz’s activities, alleging unsuitable variable life insurance policies were sold to the customers, and misrepresentations were made regarding terms and conditions of a policy. Moniz was then identified in a customer initiated investment complaint on August 18, 2017, based upon allegations of suitability. Further, a customer initiated investment related civil action involving Moniz’s conduct was settled for $30,000.00 in damages founded on allegations that Moniz breached his contractual duties to the customer and committed fraud pertaining to the customer’s insurance policy purchases. Civil Action No. 1772CV00097 (Sept. 1, 2017).
Moniz has also been fined $25,000.00 and suspended for six months from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that he made unsuitable recommendations regarding a variable universal life insurance policy, and made inaccurate representations to his firm about the source of customer funds used to purchase the policy. Letter of Acceptance, Waiver and Consent, No. 2013036095001 (June 9, 2014). FINRA found that Moniz’s conduct was violative of FINRA Rules 2010 and NASD Conduct Rules 2110 and 2310.
Following Moniz’s termination from Signator Investors, Inc., he was registered with Essex Securities LLC from September 11, 2015, to November 21, 2016.
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