Securities Lawyers Blog
According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Louis Bayhi (Bayhi), currently associated with Nylife Securities LLC, has at least one disclosable event. These events include one customer complaint, alleging that Bayhi 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 $11,002.00 on June 29, 2020.
The customer alleges the RR never advised him in September 2019 that he would incur a tax obligation when he recommended that he exchange one fund for another in his Mainstay mutual fund account. As a result of the poor recommendation, the customer alleged he incurred an $11,000 additional tax obligation and he is requesting to be made whole for the extra taxes incurred.