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.
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