Securities Lawyers Blog
The law offices of Gana Weinstein LLP represents investors in investment disputes with their financial advisors or brokerage firms, such as Nylife Securities LLC. Many investors do not recognize financial advisor misconduct when it happens, but there are steps that can be taken to recover investment losses. There are many different types of broker misconduct, including breach of fiduciary duty, failure to supervise, misrepresentation, and churning. The attorneys at Gana Weinstein LLP can analyze your investments to determine if there was actionable misconduct by the broker or brokerage firm.
NYLIFE Securities LLC is the broker-dealer of New York Life Insurance Company, offering brokerage services and investments such as mutual funds, stocks, and variable annuities to clients of New York Life. Registered with the SEC since 1970 and based in New York City, it is a wholly owned subsidiary of New York Life, a Fortune 100 company and one of the largest insurance companies in the world.
Nylife Securities LLC – By the Numbers:
- CRD #: 5167
- Regulatory Events: 13
- Arbitration Events: 7
- Broker Employees: 8,158
Nylife Securities LLC – In the News:
FINRA v. Nylife Securities LLC (Case #2017056197102) – From January 2015 through March 2019, NYLIFE Securities failed to establish, maintain, and enforce a supervisory system, including written supervisory procedures, reasonably designed to achieve compliance with FINRA Rule 2111’s suitability requirements as it pertains to mutual fund and cross-product switches. As a result, NYLIFE Securities violated FINRA Rules 3110 and 2010.
FINRA v. Nylife Securities LLC (Case #2016050685102) – From September 2014 to December 2016, Respondent failed to enforce its written procedures for supervising the suitability of sales of higher-risk mutual funds that were subject to significant volatility. According to those procedures, when such sales resulted in customer portfolios that were overconcentrated in higher-risk securities, Respondent’s registered persons were required to work with customers to reallocate the portfolios, or determine how to change their risk tolerances and investment objectives to correspond with their assumption of additional risk. However, Respondent adjusted customers’ risk tolerances and investment objectives to accommodate sales of higher-risk mutual funds, without first seeking the customers’ input. Those unilateral adjustments permitted numerous customers to overconcentrate their portfolios in higher-risk mutual funds, leading to losses totaling $1.4 million. By virtue of its failure to enforce its written supervisory procedures, Respondent violated NASD Rule 3010(b) and FINRA Rule 3110(b), and consequently FINRA Rule 2010.
Gana Weinstein LLP has successfully litigated broker disputes through verdict or settlement. We represent both individuals and institutions throughout the country in FINRA arbitration, as well as commercial litigation in state and federal courts. Our consultations are both free and thorough and our securities litigation attorneys can help you uncover wrongful activity in your account.