Public records provided by the Financial Industry Regulatory Authority (FINRA) on December 16, 2016 indicate that former Michigan-based NYLife Securities broker/adviser Stephen Mellinger is currently not affiliated with any broker-dealer firm and has been the subject of a customer dispute. The seasoned attorneys at Fitapelli Kurta are interested in hearing from investors who have complaints regarding Mr. Mellinger (CRD# 2819752).
Stephen Mellinger has spent fifteen years in the securities industry and was most recently registered with NYLife Securities in Niles, Michigan (2009-2015). Previous registrations include Northwestern Mutual Investment in Valparaiso, Indiana (1997-2007) and Robert W. Baird & Company in Milwaukee, Wisconsin (1997-2002). He is currently not registered with any state or firm.
According to his BrokerCheck report, Stephen Mellinger has received one customer complaint and recently resigned from his former employer.
In November 2016 Stephen Mellinger voluntarily resigned from his position at the New York Life Insurance Company following allegations he “resigned during the course of a review of outside business referrals.” According to the disclosure, “In the Company’s opinion, Mellinger exceeded the scope of approved business activities. Mr. Mellinger disputes the Company’s opinion.”
In 2006 a customer alleged Stephen Mellinger, while employed at NMIS, LLC, sold an “unlawful and/or inappropriate benefit plan.” The complaint settled in 2010 for $210,645.
FINRA rules dictate that brokers like Stephen Mellinger may not participate in outside business activities without providing written notice to their employer. Specifically, FINRA Rule 3270 states: “No registered person may be an employee, independent contractor, sole proprietor, officer, director or partner of another person, or be compensated, or have the reasonable expectation of compensation, from any other person as a result of any business activity outside the scope of the relationship with his or her member firm, unless he or she has provided prior written notice to the member, in such form as specified by the member.” Brokers who violate this rule may be subject to disciplinary activity.
If you or someone you know has a complaint regarding Stephen Mellinger, call the Fitapelli Kurta at 877-238-4175 for a free consultation. You may be eligible to recoup losses. Fitapelli Kurta accepts every case on contingency: we only get paid if and when you collect money. Time to file your claim may be limited, so we recommend you avoid delay. Call 877-238-4175 now to speak to an attorney for free.