Tarek Mohsen Mohamed, of Clearwater, Florida, a stockbroker formerly registered with Bankers Life Securities, has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity founded on FINRA Office of Hearing Officers’ Order Accepting Offer of Settlement containing findings that Mohamed failed to cooperate in a FINRA investigation relating to his alleged undisclosed outside business activity when he was registered with Bankers Life Securities.
According to the Order, on September 2, 2020, FINRA learned about Bankers Life terminating Mohamed as a stockbroker supported by accusations of his failure to comply with firm policies and conduct rules. Bankers Life indicated that Mohamed engaged in an undisclosed outside business activity involving his solicitation of investments.
When Bankers Life notified FINRA about Mohamed’s termination, it mentioned a customer complaint alleging $46,000.00 in customer funds taken by Mohamed and placed into Perfect Media Promotions LLC—Mohamed’s company. The Order states that the customer’s funds were provided to Mohamed in the form of checks that the customer made out to Perfect Media Promotions. The Order notes that Bankers Life later notified FINRA about a second dispute where Mohamed was accused of failing to do what was in the customer’s best interests regarding financial product sales.
The Order states that Mohamed failed to provide documents and information to FINRA when he was under investigation for possibly violating FINRA rules. Mohamed did not respond to FINRA’s January 2021 requests for documents and information, which the regulator states was necessary for its investigation into whether he converted the customer’s funds, engaged in undisclosed business activities, and potentially violated federal securities laws.
FINRA Public Disclosure shows that on November 20, 2020, a customer initiated investment related complaint concerning Mohamed’s activities was resolved for $75,982.00 in damages based upon allegations of Mohamed’s fraudulent taking of the customer’s assets while Mohamed was employed by Bankers Life Securities and Bankers Life Casualty Company (BLC).
Mohamed was associated with Bankers Life Securities between October 12, 2017, and September 2, 2020.
