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Juan Sosa Permitted to Resign from SagePoint Financial

Aug 26, 2022 Employment

Juan Sosa (CRD #: 4059846), a broker registered with Independent Financial Group, resigned from his previous firm, according to his BrokerCheck record, accessed on August 12, 2022. Keep reading if you have questions about Juan Sosa’s conduct as a broker.

Resignation from SagePoint Financial

On July 8, 2022, Juan Sosa was permitted to resign from SagePoint Financial after an investigation allegedly revealed that he was named as a contingent beneficiary and successor trustee on a client’s living trust document, in violation of firm policies and procedures. The firm allegedly did not find evidence that Juan Sosa acted or received any benefit as trustee.

FINRA Rule 3241

FINRA Rule 3241 restricts brokers from being named a beneficiary or trustee of a client unless the client is an immediate family member or the broker receives approval from their firm.

Investor Dispute

On June 10, 2022, an investor alleged that Juan Sosa, a co-trustee with the client, committed the following violations:

  • Involved himself in the client’s decision to transfer certain trust property
  • “Failed to ensure” that required minimum distributions were transferred from a related client account
  • Made out a trust check payable to another client and deposited the check into that client’s account

The investor sought $100,000 in damages in this dispute, but the dispute was denied by the firm. Investors should know that a denial does not mean you do not have a case. It simply means that the firm denies wrongdoing, which they can do without any external review. 

Background Information

Juan Sosa has passed the following exams:

  • Series 65 – Uniform Investment Adviser Law Examination
  • Series 63 – Uniform Securities Agent State Law Examination
  • SIE – Securities Industry Essentials Examination
  • Series 7 – General Securities Representative Examination

Juan Sosa is a registered broker and a registered investment adviser in California.

He previously worked for the following firms:

  • SagePoint Financial (CRD#:133763)
  • SunAmerica Securities (CRD#:20068)
  • WM Financial Services (CRD#:599)

Kurta Law Can Help

If you worked with Juan Sosa and you have concerns about your investments, please contact us today at 877-600-0098 or info@kurtalawfirm.com for a free consultation.

For over 20 years, Kurta Law has advocated on behalf of investors who want to recover their investment losses from brokers and brokerage firms. Kurta Law is a nationally recognized law firm and exclusively represents investors against brokers and brokerage firms on a contingency basis. This means that the firm only earns a fee if our securities attorneys recover money on your behalf.