Articles Tagged with termination

Paris Lewis (CRD#: 2335964) has been terminated from his role as a broker with NYLife Securities LLC, according to his BrokerCheck record accessed on March 3, 2020.

What happened to lead to Paris Lewis’s termination? On December 22, 2019, NYLife Securities terminated Paris Lewis after the firm found that he violated company policy by borrowing money from a customer. How did the brokerage firm become aware of Paris Lewis’s alleged misconduct? The firm received a verbal customer complaint.

This is not the first time that Paris Lewis has been discharged from a firm. On February 26, 2015, MetLife discharged Paris Lewis after the firm found that he did not follow firm policy regarding outside business activities. Per FINRA rules, brokers must receive written approval from their firms before engaging in outside business activities, including private securities transactions.

Jerry Wells (CRD#: 1015358), a registered representative with Sagepoint Financial, Inc. (CRD#: 133763) in Rochester, New York, has been suspended from the securities industry by the Financial Industry Regulatory Authority (FINRA), according to his BrokerCheck record accessed on January 22, 2020.

Jerry Wells
On December 4, 2019, Jerry Wells entered into an Acceptance, Waiver, and Consent (AWC) with FINRA, the Financial Industry Regulatory Authority, consenting to FINRA’s findings that he “falsely represented that variable annuities purchases were not variable annuities replacements.” FINRA found that he submitted variable annuity applications that falsely stated that the recommended variable annuities would not alter or replace any existing variable annuities. However, Wells knew that proceeds from other variable annuities were funding the recommended variable annuities. He also caused his firm to maintain inaccurate books and records by failing to complete the proper replacement forms. As a result, FINRA suspended Jerry Wells from the securities industry from January 6, 2020 to March 5, 2020. A copy of Jerry Wells’s AWC can be viewed here.

This is not the first time Jerry Wells has come under fire for potential misconduct related to variable annuities. On April 7, 2008, a client filed a customer complaint against Jerry Wells, alleging that a variable annuity she purchased in December 2007 was not suitable because of a seven-year surrender charge. The matter was settled for $7,860.62.