SERVING CLIENTS NATIONWIDE

Glenn Moffitt Barred Over Allegations He Converted Over $370,000 from Elderly Customer, Churned His Accounts

FINRA barred former broker Glenn Allen Moffitt of Henderson, Nevada over a customer dispute filed in Nevada's Clark County alleging that Moffitt misappropriated several hundreds of thousands of dollars over the course of several years and while Moffitt was associated with First Allied Securities, LPL Financial, and Cambridge Investment Research of southern Nevada. Regulators bared Moffitt from the industry after he stated that he would not cooperate with FINRA's investigation into the charges.

FINRA AWC #2014041600301

Moffitt's BrokerCheck Report indicates he was associated with First Allied Securities, Inc. out of Las Vegas, NV from 2011-12, Henderson's LPL Financial LLC from 2012-13, and Henderson's Cambridge Investment Research, Inc. branch from 2013-14.

According to the elderly client's complaint, which alleges damages of $435,000, Moffitt misappropriated funds from various accounts from 2011-2014, purportedly admitted his wrongdoing to the client, but failed to repay the improperly converted funds. In his complaint, the customer also accused Moffitt of churning his accounts while steering him to purchase highly risky and inappropriate investments.

Additional causes of action listed by the complainant include fraud; misappropriation; elder exploitation; negligence; negligent misrepresentation, hiring and supervision; deceptive trade practices; constructive fraud; breach of contract; and breach of fiduciary duty.

According to a firm report, Moffitt's alleged conversion of funds and fraud was associated with variable annuity (VA) products. In 2014, Cambridge Investment Research discharged Moffitt after allegations that he improperly converted customer funds.

If you have invested with former Henderson and Las Vegas-area broker Glenn Allen Moffitt or with any broker or financial adviser whose churning, misappropriation or conversion of funds without your permission, knowledge, or consent, or in violation of firm/industry rules and policies has proven harmful to your investments or interests, please call The Law Offices of Jonathan W. Evans & Associates at (800) 699-1881 for investigation and consultation.

Categories