Securities Lawyers Blog
According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Marcus Moon (Moon), previously associated with Nylife Securities LLC, has at least 2 disclosable events. These events include one customer complaint, one regulatory event, alleging that Moon recommended unsuitable investments in different investment products including debt securities among other allegations and complaints.
FINRA BrokerCheck shows a final customer complaint on May 18, 2023.
The Securities and Exchange Commission (‘Commission’) deems it appropriate and in the public interest that public administrative proceedings be, and hereby are, instituted pursuant to Section 15(b) of the Securities Exchange Act of 1934 (‘Exchange Act’) and Section 203(f) of the Investment Advisers Act of 1940 (‘Advisers Act’) against Marcus K. Moon (‘Moon’ or ‘Respondent’). The Commission finds that on May 8, 2023, a final judgment was entered by consent against Moon, permanently enjoining him from future violations of Section 15(a)(1) of the Exchange Act, Sections 17(a)(2) and (3) of the Securities Act of 1933, and Section 206(2) of the Advisers Act, in the civil action entitled Securities and Exchange Commission v. Marcus K. Moon, Civil Action Number 23-cv-60715-RS, in the United States District Court for the Southern District of Florida. The Commission’s complaint alleged that from May 2020 through February 2021, Moon used the unregistered entity Increase Financial to enter into brokerage agreements with nine investors, provide them with investment advice for a fee, and ‘sell away’ from his employer outside of its knowledge and supervision. The complaint further alleged that Moon made multiple misstatements to investors, predominantly targeting African-American investors of the Christian faith, about Increase’s status as a purported broker-dealer, and held himself out as a ‘financial services professional’ who ‘holds various registrations in the financial services space.’ Moon directed investors to open accounts with online broker-dealers and to provide him with their passwords, so that he could trade in their individual accounts on their behalf. In total, Moon accessed at least 18 different online brokerage accounts owned by nine investors, and conducted hundreds of trades that resulted in approximately $31,800 in losses; these same investors paid Moon $3,000 in fees for his services.