According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Narith Long (Long), previously associated with Nylife Securities LLC, has at least 9 disclosable events. These events include 8 customer complaints, one regulatory event, alleging that Long recommended unsuitable investments in different investment products including debt securities among other allegations and complaints.
FINRA BrokerCheck shows a settled customer complaint with a damage request of $80,000.00 on November 24, 2021.
Claimant alleges that in 2020, the RR advised her to open brokerage accounts with outside broker-dealers, which the RR would manage with full discretion to trade on the complainant’s behalf. The complainant further alleged the RR implemented a high-risk, high-volume, high frequency investment strategy causing her to lose $80,000. Claimant seeks compensation for her losses as well as punitive damages, interest, attorney and consulting fees.
FINRA BrokerCheck shows a settled customer complaint with a damage request of $28,370.96 on October 04, 2021.
Mr. Koc’s attorney alleges that beginning in July 2020, his client suffered losses due to negligent trading activity away from the Firm. Mr. Koc has demanded $28,370.96.
FINRA BrokerCheck shows a final customer complaint on September 01, 2021.
Respondent Long failed to respond to FINRA requests for information.
FINRA BrokerCheck shows a settled customer complaint with a damage request of $45,000.00 on July 21, 2021.
Claimant alleges that in early 2020, the RR advised her to open a brokerage account with an outside broker-dealer, which the RR would manage with full discretion to trade on the complainant’s behalf. The complainant further alleged the RR’s investing was aggressive and speculative in nature, and ultimately caused her to suffer losses of not less than $45,000.00 for which she seeks reimbursement.
FINRA BrokerCheck shows a settled customer complaint with a damage request of $26,000.00 on June 24, 2021.
Claimant alleges that on or around May 26, 2020, the RR advised her to open a brokerage account with an outside broker-dealer, which the RR would manage with full discretion to trade on the complainant’s behalf. The complainant further alleged that based on the RR’s actions, she incurred approximately $26,000 in losses for which she seeks reimbursement.
FINRA BrokerCheck shows a settled customer complaint with a damage request of $34,979.66 on June 02, 2021.
Claimant alleges that between August 2020 and November 2020, the RR advised her to open a brokerage account with an outside broker-dealer, which the RR would manage with full discretion to trade on the complainant’s behalf. The complainant further alleged that based on the RR’s actions, she incurred approximately $34,979.66 in losses for which she seeks reimbursement.
FINRA BrokerCheck shows a settled customer complaint with a damage request of $80,000.00 on May 14, 2021.
The complainants allege that beginning in January 2019, the RR advised them to open a brokerage account with an outside broker-dealer, which the RR would manage with full discretion to trade on the complainant’s behalf. The complainant further alleged that based on the RR’s actions, they incurred approximately $80,000 in losses for which they seek reimbursement.
FINRA BrokerCheck shows a settled customer complaint with a damage request of $217,190.00 on November 30, 2020.
The complainant alleged that between August 2020 – November 2020 the RR advised him to open a brokerage account with an outside broker-dealer, which the RR would manage with full discretion to trade on the complainant’s behalf. The complainant further alleged that based on the RR’s actions, he incurred approximately $217,190 in losses for which he is seeking reimbursement. On December 2, 2020, the\<char_lb_r>\, complainant filed a FINRA Arbitration Statement of Claim seeking damages against the Firm.
FINRA BrokerCheck shows a settled customer complaint with a damage request of $17,120.00 on October 19, 2020.
The complainant alleged that between August 4, 2020 – September 4, 2020 Mr. Long was selling away by trading securities on the complainant’s behalf through an outside broker-dealer using the complainant’s log in information to place the trades. The allegations included a claim for losses as a result of the trades placed by the RR in the outside brokerage account.
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.
Another aspect of the care obligation is focusing on the client’s specific needs which brokers must reasonably understand through obtaining information for the client’s investment profile. In completing a customer’s investment profile the advisor should include information such as the investor’s investment time horizon; liquidity needs; risk tolerance; experience with various investment vehicles; investment objectives and financial goals; assets and debts including outside investment accounts; marital status; tax information; age; and other relevant information that may be individual to the investor that the advisor would need to know to properly render advice or provide services. The SEC has stated that Reg BI is drawn from fiduciary principles that are common to both brokers and investment advisors including an obligation to act in the investor’s best interest and prohibiting an advisor from placing their own interests ahead of the investor’s. Reg BI comes with different key obligations that associated persons must meet in dispensing advice. The care obligation requires registered representatives to carefully evaluate investment options, review the risks and rewards of the investment or service, compare similar products, and ensure that the recommended investment is appropriate for the customer and in the retail investor’s best interest.
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. 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. In addition to specific investments being recommended, under Reg BI, a broker must also understand the type of account that their client would need in order to meet their care obligations. The SEC has stated that the type of securities account an investor has can greatly affect a customers’ costs and overall investment returns. Further, different account types can offer and support different features, products, securities, or services, and account type would not be appropriately applied in a one size fits all manner.
Long has been in the securities industry for more than 2 years. Long has been registered as a Broker with Nylife Securities LLC since 2019.
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.