FINRA Bars Joseph Mahmud from Securities Industry Following Misappropriation of $95,000 from Customer Annuity

Joseph Mahmud (CRD #5626765, Registered Representative, Brooklyn, New York) submitted a Letter of Acceptance, Waiver and Consent in which he was barred from association with any FINRA member in any capacity. See FINRA Case #2011028556301. Mahmud was registered with Chase Investment Services Corp.

Without admitting or denying the findings, Mahmud consented to the described sanction and to the entry of findings that without a customer’s knowledge or authorization, he made unauthorized withdrawals and misappropriated approximately $95,000 from the customer’s annuity. The customer did not receive the proceeds from the withdrawals. Mahmud’s member firm, after detecting Mahmud’s conduct, credited the customer’s annuity in the amount of $99,959.88, which represented the amount misappropriated plus interest. In a related criminal proceeding, based in part on the described conduct, Mahmud pled guilty to grand larceny in the second degree and identity theft in the first degree.

If you were a client of Mahmud or Chase Investment Services Corp. and suffered investment losses, please call Sonn Law Group at 844-689-5754 or complete our “contact form.” Sonn Law Group is a nationally recognized law firm representing individuals, trusts, corporations and institutions in claims against brokerage firms, banks and insurance companies.

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