According to FINRA, Dante Moss was fined $5,000 and suspended from association with any FINRA member in all capacities for 10 business days on July 5, 2024, after he improperly removed and retained non-public personal customer information from his firm without the firm's or the customers' consent.
In anticipation of joining another FINRA member firm, Moss downloaded onto a USB drive account information for customers contained within the firm's electronic systems, including customer names, customer account numbers at the firm, and customer social security numbers. Following Moss's resignation from the firm, he improperly retained the customers' non-public personal information. That information was obtained by the FINRA member firm with which Moss became associated and registered, and subsequently returned to his original firm.
The protection of customer information is a critical responsibility for all securities professionals. Non-public personal information, particularly social security numbers and account numbers, can be used for identity theft and other fraudulent purposes if it falls into the wrong hands. Firms have policies and procedures in place to protect this information, and representatives are prohibited from removing such information without authorization.
While Moss's intent may have been to facilitate his transition to a new firm rather than to commit fraud, the unauthorized removal of customer information violates firm policies and FINRA rules designed to protect customer privacy and data security. Registered representatives who change firms must follow proper protocols for transitioning customer relationships, which do not include taking customer information without authorization.
The 10-business-day suspension, which was in effect from August 5, 2024, through August 16, 2024, reflects the seriousness of this violation. Investors should be aware that their personal information should be protected by their brokerage firm and should not be removed or shared without proper authorization and security measures.
