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FINRA Bars Juan Carlos Sosa for Conversion of Funds from Elderly Customer

The Financial Industry Regulatory Authority (FINRA) has issued an AWC (Acceptance, Waiver, and Consent) against Juan Carlos Sosa (CRD #4059846), barring him from association with any FINRA member in all capacities. This action comes after Sosa was found to have converted over $331,000 from an elderly customer for his personal use.

Background and Findings

Juan Carlos Sosa, previously registered with a FINRA member firm in Northridge, California, was found to have exploited his position to transfer and misuse funds from a customer’s brokerage account. Without admitting or denying the findings, Sosa consented to the sanction and to the entry of findings detailing his misconduct.

According to FINRA’s findings, Sosa opened a checking account on behalf of an elderly customer, granting himself the authority to write checks and conduct other transactions. Subsequently, he transferred over $579,000 from the customer’s brokerage account at his member firm to the newly opened checking account. Sosa then proceeded to misuse this account without the customer’s permission.

Unauthorized Transactions

The findings revealed that Sosa wrote checks totaling over $220,000 to himself, which he deposited into his personal bank account. Additionally, he used over $111,000 from the customer’s checking account to pay his personal credit card bills. In total, Sosa converted more than $331,000 from the elderly customer for his own benefit.


As a result of these actions, FINRA has barred Sosa from associating with any FINRA member in any capacity. This decision underscores FINRA’s commitment to protecting investors, particularly vulnerable individuals such as the elderly, from fraudulent activities by financial professionals.

FINRA’s Role and Responsibilities

FINRA is dedicated to ensuring the integrity of the financial markets by regulating brokerage firms and their registered representatives. One of its primary goals is to protect investors from misconduct. By barring individuals like Sosa, FINRA aims to uphold trust in the financial industry and deter others from engaging in similar unethical behavior.

Implications for Investors

This case serves as a reminder for investors to remain vigilant and to regularly monitor their accounts for any unauthorized transactions. It also highlights the importance of choosing financial professionals who adhere to ethical standards and regulatory requirements.

For more information on how to protect yourself from financial fraud and to check the background of a financial professional, visit FINRA’s BrokerCheck.


The barring of Juan Carlos Sosa by FINRA is a significant step in protecting investors from fraudulent activities. Sosa’s actions, which involved the conversion of substantial funds from an elderly customer, underscore the need for stringent regulatory oversight in the financial industry. FINRA’s decisive action in this case demonstrates its ongoing commitment to maintaining the integrity of the financial markets and safeguarding investors’ interests.