Ma Rosa Linan Abrego Barred by FINRA Over Misappropriation Inquiry
Ms. Abrego was recently barred by FINRA in the wake of allegations that she misappropriated client funds. Hailing from McAllen, Texas, Ms. Abrego was terminated by Merrill Lynch on June 10, 2019, after spending just three years at the company and in the securities industry at large. Merrill Lynch reported that she was terminated due to the misappropriation of client funds.
After Ms. Abrego’s termination, FINRA opened an investigation to determine if misappropriation had indeed taken place under her tenure as a broker. However, Ms. Abrego failed to appear for the inquiry as mandated by FINRA Rule 8210. Under Rule 8210, brokers are required to show up and cooperate with investigators – or risk becoming permanently barred from holding a position in the securities industry.
Knowing this, Ms. Abrego still chose not to appear before FINRA investigators or provide testimony about her actions at Merrill Lynch. As noted in her publicly-available BrokerCheck report, “Linan Abrego consented to the sanction and to the entry of findings that she refused to appear for on-the-record testimony as requested by FINRA.”
What Counts as Misappropriation of Funds?
Misappropriation of client funds is perhaps one of the most serious forms of investor misconduct, as it is defined as the illegal and intentional use of funds for an unauthorized purpose. Aside from facing FINRA sanctions and a lifetime ban in the securities industry, those who misappropriate client funds may be subject to both criminal and civil proceedings as well.
At Meyer Wilson, we’re committed to holding investors accountable when their actions cause you to suffer financial harm. If you or someone you know has been affected by the misconduct of Ma Rosa Linan Abrego, you could be entitled to damages for your losses. Bringing over 50 years of legal experience to the table, our investment fraud attorneys can help you seek fair compensation.
For more information, contact our legal team at (888) 390-6491.