SEC Charges Barred Florida Advisor with Swindling Black Christians
The Securities and Exchange Commission announced charges against a FINRA-barred former financial adviser with NYLife Securities, Marcus K. Moon, for improperly offering investment advisory and brokerage services, predominately to Black investors of the Christian faith.
The SEC’s complaint alleges that, from at least 2020 to 2021, Moon – an insurance agent and registered representative with NYLife – through Increase Financial Strategies LLC and Faith Financial Strategies, two companies he owned and controlled, entered into brokerage agreements and engaged in trading activity with investors, without his employer’s knowledge or consent. He only held a license to sell mutual funds, variable annuities, variable life insurance, unit investment trusts, and municipal fund securities. Moon did not have licenses to purchase or sell other securities or provide investment advisory services.
As alleged in the complaint, Moon stated that he was a “financial services professional” who held “various registrations in the financial services space” and portrayed Increase Financial as a brokerage services firm. The SEC alleges that, in fact, Moon was neither authorized by his employer, nor licensed by FINRA, to purchase or sell common stock for others. As alleged in the complaint, Moon entered into brokerage agreements with nine investors, and with their consent accessed their online brokerage accounts and conducted hundreds of trades. Moon’s trading resulted in approximately $31,800 in losses to investors, who collectively paid Moon $3,000 in fees for his services.
The SEC’s complaint charges Moon with violating SEC rules. Moon has consented, without admitting or denying the allegations, to an injunction, disgorgement of $3,000 with $158 in prejudgment interest, a $31,080 civil penalty, plus post judgment interest. The settlement is subject to court approval.
According to BrokerCheck, Moon worked for NYLife from 2017 until he left in 2021 over allegations made by the SEC for an unapproved website and name to market consulting services. He was permanently barred by FINRA in January 2022.
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