Glenn Allen Moffitt (CRD# 4767024)
accepted and consented to FINRA’s findings that he failed to appear for testimony in conjunction
with an investigation into allegations that he converted at least $370,000
from one of his elderly customers.
The alleged misconduct occurred while Moffitt was affiliated with Cambridge
Investment Research, Inc. in Henderson, Nevada. Prior to working at Cambridge,
he was affiliated with LPL Financial in Henderson, Nevada until he voluntarily
left in November 2013 to go work with Cambridge.
Moffitt was terminated from Cambridge in September 2014 because the firm
claimed that he accepted money from one of his clients for personal use
without getting approval from Cambridge. FINRA commenced an investigation
into these accusations, and since Moffitt failed to appear for testimony,
FINRA barred Moffitt from the securities industry.
The Letter of Acceptance, Waiver & Consent was signed by Moffitt on
July 30, 2015 and accepted by FINRA on August 18, 2015.
Other customer disputes are also listed on Moffitt’s FINRA report,
including $435,000 in alleged damages supposedly caused by misappropriation
while Moffitt was employed at First Allied Securities, LPL Securities,
and then Cambridge Investment Research.
Moffitt’s FINRA report also discloses a Chapter 7 bankruptcy filing
from 2007. In the past, we have reported on
reasons to be wary of brokers with a history of financial problems. Bankruptcy disclosures are red flags that should cause any firm to supervise
their broker more carefully.
If you invested with Glenn A. Moffitt and you lost money, we invite you
to contact the securities arbitration lawyers at Meyer Wilson today for a
free review of your case. Let us inform you of your legal rights and options!