A Maryland insurance agent, Johnathan Munoz, who falsely posed as a securities broker, has been targeted by the Maryland Securities Commissioner for defrauding elderly clients out of $100,000. Munoz, operating under JM Financial Services, promised significant returns on investments that he failed to manage and instead used the funds for personal gain. He has since been barred from working in the securities industry and ordered to pay a civil penalty of $115,000. This case highlights the risks associated with unregulated financial practices and the importance of choosing licensed professionals for financial advice.
