Michael Mahabir – Conversion of Customer Funds

Rochester stockbroker fraud attorneyMichael A. Mahabir Allegedly Engaged in the Conversion of Customer Funds in the Course of Assisting a Customer

Michael Mahabir, of Monrovia, California, allegedly engaged in the conversion of customer funds in the course of assisting a customer of J.P. Morgan’s affiliated bank, according to a recent FINRA Letter of Acceptance, Waiver and Consent (AWC) currently under review by attorneys Alan Rosca and James Booker.

Peiffer Rosca Wolf securities practice lawyers are investigating investment recovery options on behalf of investors in issues related to Michael Mahabir’s conversion of customer funds.

Investors who believe they may have lost money in activity related to Michael Mahabir’s conversion of customer funds are encouraged to contact attorneys Alan Rosca or James Booker with any useful information or for a free, no obligation discussion about their options.

Mahabir, a broker formerly registered with J.P. Morgan Securities, was purportedly terminated by J.P. Morgan LLC on January 13, 2017, after allegations surfaced that Mahabir allegedly helped a customer of said firm’s affiliated bank, the AWC notes.

Michael Mahabir Barred by FINRA during the Course of an Investigation Focusing on Whether He Had Allegedly Converted Funds from a Bank Customer

Michael Mahabir received a letter from FINRA on April 4, 2017 which allegedly asked Mahabir to provide information and documentation regarding allegations that J.P. Morgan noted as the basis of Mahabir’s termination, according to the aforementioned AWC currently under review by attorneys Alan Rosca and James Booker.

Mahabir allegedly received FINRA’s request on April 10, 2017, but allegedly never made a response to FINRA staff by April 18, 2017, the FINRA deadline, the AWC also notes.

Subsequently, Michael Mahabir, on April 20, 2017, received a second request from FINRA on April 20, 2017 wherein Mahabir was allowed until April 27, 2017 to deliver a reply, the AWC reports.

Mahabir, on May 3, 2017, then allegedly contacted FINRA on May 3, 2017 wherein he made confirmations that he had received FINRA’s requests, and that he would allegedly not cooperate with FINRA and provide the requested information, the AWC states.

Mahabir, by refusing to cooperate with FINRA’s investigation, allegedly violated FINRA Rules, and hence has been barred by FINRA, the AWC states.

One should also note that, according to the AWC, Michael Mahabir neither admitted nor denied the FINRA findings.

Securities Lawyers Investigating

The Peiffer Rosca Wolf securities lawyers often represent investors who lose money as a result of investment fraud and are currently investigating Michael Mahabir’s conversion of customer funds. They take most cases of this type on a contingency fee basis and advance the case costs, and only get paid for their fees and costs out of money they recover for their clients.

Investors who believe they lost money as a result of Michael Mahabir’s conversion of customer funds may contact the securities lawyers at Peiffer Rosca Wolf, Alan Rosca or James Booker, for a free no-obligation evaluation of their recovery options, at 888-998-0520 or via e-mail at arosca@prwlegal.com or jbooker@prwlegal.com.

Alan Rosca (1180 Posts)

Alan is a securities lawyer. He also teaches Securities Regulation at the Cleveland-Marshall College of Law. He focuses his legal practice on complex commercial and financial litigation and arbitration, particularly in the areas of securities and investment fraud. His office is in Cleveland, Ohio.


In our legal system, every person is innocent until and unless found guilty by a court of law or a tribunal. Whenever we reference “allegations” or charges that are “alleged,” such allegations or charges have not been proven, and are merely accusations, not findings of fault, as of the date of the blog. We do not have, nor do we undertake, a duty to continue to monitor or follow cases about which we report, and/or to publish subsequent blogs regarding various developments that may occur in such cases. Readers are encouraged to conduct their own research regarding any such cases and any developments that may or may not have occurred in such cases.