Securities Lawyers Blog
According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Joel Riedel (Riedel), previously associated with Nylife Securities LLC, has at least 2 disclosable events. These events include one customer complaint, one regulatory event, alleging that Riedel recommended unsuitable investments in different investment products including debt securities among other allegations and complaints.
FINRA BrokerCheck shows a final customer complaint on December 30, 2022.
Without admitting or denying the findings, Riedel consented to the sanctions and to the entry of findings that he caused solicited UIT transactions in accounts to be marked by the trade desk as unsolicited even though they were solicited. The findings stated that Riedel’s conduct continued despite being warned by his member firm that solicited transactions in UITs were not permitted. By causing the mismarking of the trades, Riedel caused his firm to maintain inaccurate books and records. The findings also stated that Riedel sold a UIT and purchased a different UIT in a customer’s account without first getting authorization from the customer. Riedel earned sales charges of $2,094 on the transactions. The customer complained to the firm, and it settled with the customer. Later, the firm disciplined Riedel by issuing him a severe reprimand.