According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Daniel Jossen (Jossen), previously associated with Nylife Securities LLC, has at least 5 disclosable events. These events include 4 customer complaints, one regulatory event, alleging that Jossen recommended unsuitable investments in different investment products including debt securities among other allegations and complaints.
FINRA BrokerCheck shows a final customer complaint on June 25, 2021.
Without admitting or denying the findings, Jossen consented to the sanction and to the entry of findings that he refused to produce information requested by FINRA in connection with a Form U5 filed for him, explaining that he was permitted to resign after it was discovered he solicited business in a jurisdiction in which he was not licensed, misrepresented the terms of variable products and maintained client log-in credentials in an outside brokerage account to process financial transactions.
FINRA BrokerCheck shows a settled customer complaint on March 25, 2021.
Customers allege that they were misled into purchasing a Variable Universal Life policy in February 2018. Customers seeks the opportunity to surrender the policy without surrender charges as well as a full refund of their financial planning agreement fees.
FINRA BrokerCheck shows a settled customer complaint with a damage request of $15,305.35 on February 01, 2021.
Customer alleges that he was misled into purchasing a Variable Universal Life insurance policy where his funds are inaccessible and the premiums are unaffordable. Customer seeks a refund of all premiums paid.
FINRA BrokerCheck shows a settled customer complaint with a damage request of $414,591.00 on September 17, 2020.
Customer alleges that the RR misrepresented the terms of a variable annuity policy purchased in 2015 by advising him there was a 15 year no-loss guarantee and he would save approximately $12,000 in fees each year. The customer also questioned the fee structure of his Eagle accounts since he believes he was being overcharged. He is seeking compensation for market loss, all fees and surrender charges on his variable annuity policy and Eagle accounts.\<char_lb_r>\, The customer also alleged that the witness’ signature on his life insurance application solicited via mail in June 2012 was not genuine [allegation added 1/11/2021].
FINRA BrokerCheck shows a settled customer complaint with a damage request of $38,945.80 on May 11, 2020.
Customers allege that they were misled regarding their February 2013 purchase of 2 variable universal life policies as well as excessive brokerage fees. Customers have requested a refund of premiums paid and all fees.
When your financial advisor is providing advice they must adhere to the SEC’s Regulation Best Interest (Reg BI) rule and standard of care. Reg BI replaced the former “suitability” rule and created a ‘best interest’ standard for brokerage firms and registered representatives. This Reg BI standard of care applies to registered representatives making recommendations to customers in the purchase, sale, or exchange of securities or the implementation of investment strategies involving securities and non-securities. The rule also applies to the handling of opening accounts such as account transfers and types of accounts being recommended to be opened. This Reg BI standard of care applies to registered representatives making recommendations to customers in the purchase, sale, or exchange of securities or the implementation of investment strategies involving securities and non-securities. The rule also applies to the handling of opening accounts such as account transfers and types of accounts being recommended to be opened.
Next, the advisor must have a reasonable understanding of the specific retail investor’s investment profile. The customer’s profile information generally includes an investor’s financial situation and needs; investments; assets and debts; marital status; tax status; age; investment time horizon; liquidity needs; risk tolerance; investment experience; investment objectives and financial goals; and any other information the retail investor may disclose in connection with the recommendation or advice. Reg BI was meant to enhance the duties that registered representatives have to their clients by applying fiduciary principles to transactions and investment strategies by prohibiting brokers from placing their own financial interests ahead of the best interests of their client – the investor. Reg BI comes with different core obligations that brokers must comply with. There is the duty of care obligation requiring financial advisors to form a reasonable belief that their investment advice and recommendations are in the retail investor’s best interest among other duties. In order to do that the broker must evaluate the potential risks, rewards, and costs associated with a product, account type, or series of transactions being recommended.
Next, the broker must understand the investor’s investment background and profile. A customer’s profile includes information that describes the investor’s financial situation and needs. Information here will include their outside securities accounts and investments; relevant assets and debts; tax bracket; age; liquidity needs; risk tolerance; investment time horizon; experience with investing; investment objectives; and any other relevant information that the investor may choose to disclose pertinent to their situation. The associated person must then apply both their reasonable diligence into various investment options as well as the information gathered as to the investor’s specific needs when considering the investment recommendation. The broker must explore various alternative investment options available to address these needs and determine that there is a reasonable basis to believe that the recommendation or service being recommended is in the retail investor’s best interest. Brokerage firms and advisors must also understand the features and limitations of various account types as part of meeting Reg BI’s care obligations. Firms typically offer a variety of account options and services with different trading costs, services, such as account and activity monitoring. An advisor’s recommendation as to what type of securities account to open can alter the customers’ overall costs and investment returns. The advisor must determine that the client can benefit from the type of account being recommended to be opened and in the investor’s best interest taking into account the costs, benefits, and needs of the client.
Jossen has been in the securities industry for more than 13 years. Jossen has been registered as a Broker with Nylife Securities LLC since 2011.
Investors who have suffered losses are encouraged to contact us at (800) 810-4262 for consultation. At Gana Weinstein LLP, our attorneys are experienced representing investors who have suffered securities losses due to the mishandling of their accounts. Claims may be brought in securities arbitration before FINRA. Our consultations are free of charge and the firm is only compensated if you recover.