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NYLife Securities Fined $200,000 Over Outside Business Activity Allegations

NYLife Securities

Public records published by the Financial Industry Regulatory Authority (FINRA) and accessed on August 31, 2018 indicate that New York-based brokerage firm NYLife Securities has received numerous customer disputes and regulatory sanctions. Fitapelli Kurta is interested in hearing from investors who have complaints regarding NYLife Securities (CRD# 5167).

Established in Delaware in 2007, NYLife Securities is headquartered in New York, New York and registered with 51 US states and territories. It is registered with two self-regulatory organizations (SROs): FINRA and the Securities and Exchange Commission (SEC). According to the firm’s BrokerCheck report, it has received ten regulatory events and nine customer complaints that evolved into arbitration.

In March 2017 the New Hampshire Bureau of Securities Regulation sanctioned the firm in connection to allegations it failed to take steps to ensure the shutdown of the office of a terminated representative in accordance with the firm’s supervisory manual. The firm was censured and issued a fine of $3,750.

In January 2017 the Indiana Securities Division sanctioned the firm in connection to allegations a registered representative engaged in “illegal outside business activities.” The firm was issued a fine of $200,000.

In 2007 the National Association of Securities Dealers sanctioned the firm in connection to allegations it executed transactions involving mutual class “B” shares when it did not consistently consider whether “A” shares may have been more advantageous. The firm was censured and issued a fine of $354,000.

In 2006 the National Association of Securities Dealers sanctioned the firm in connection to allegations it failed to retain emails in compliance with relevant securities laws and rules. The firm was censured and issued a fine of $150,000.

In 2004 a customer alleged NYLife Securities misrepresented and omitted material facts, breached its fiduciary duty, and failed in its supervisory duties in connection to investments in common stock and annuities. The complaint resulted in an award to the customer of more than $50,300.

In 2003 a customer alleged NYLife Securities breached its fiduciary duty, failed in its supervisory duties, and acted negligently. The complaint resulted in an award to the customer of $10,400.

In 2002 a customer alleged NYLife Securities breached its fiduciary duty, failed in its supervisory duties, and acted negligently. The complaint resulted in an award to the customer of $213,246.

If you or someone you know has a complaint regarding NYLife Securities, call Fitapelli Kurta at 877-238-4175 for a free consultation. You may be able to recover lost funds. Fitapelli Kurta accepts all cases on contingency: we only get paid if and when you collect money. You may have a limited window to file your complaint, so we encourage you to avoid delay. Call 877-238-4175 now to speak to an attorney for free.