Voya Financial Advisors

Broker Narongdej Jaroensabphayanont in Voya Financial Advisors, INC. Firm Has Customer Complaint

September 21, 2025 | by Staff Attorney

According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Narongdej Jaroensabphayanont (Jaroensabphayanont), previously associated with Voya Financial Advisors, INC., has at least one disclosable event. These events include one regulatory event, alleging that Jaroensabphayanont recommended unsuitable investments in different investment products including debt securities among other allegations and complaints.

FINRA BrokerCheck shows a final customer complaint on February 08, 2023.

Respondent Jaroensabphayanont failed to comply with an arbitration award or settlement agreement or to satisfactorily respond to a FINRA request to provide information concerning the status of compliance.

Broker Steven Lasky in Voya Financial Advisors, INC. Firm Has Customer Complaint

September 8, 2025 | by Staff Attorney

According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Steven Lasky (Lasky), currently associated with Voya Financial Advisors, INC., has at least one disclosable event. These events include one customer complaint, alleging that Lasky recommended unsuitable investments in different investment products including debt securities among other allegations and complaints.

FINRA BrokerCheck shows a settled customer complaint on January 26, 2024.

Claimant alleged that the Representative misrepresented a Real Estate Investment Trust that resulted in a substantial loss. Claimant further alleged that the Representative misrepresented the risks and potential for future income and growth.

There are Recent Customer Complaints with Broker Albert Kearney in Firm Voya Financial Advisors, INC.

September 8, 2025 | by Staff Attorney

According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Albert Kearney (Kearney), previously associated with Voya Financial Advisors, INC., has at least one disclosable event. These events include one customer complaint, alleging that Kearney recommended unsuitable investments in different investment products including debt securities among other allegations and complaints.

FINRA BrokerCheck shows a pending customer complaint with a damage request of $50,000.00 on May 04, 2023.

Claimant alleges that their retirement savings were over-concentrated into an unsuitable high-risk, high-commission, speculative alternative investment. Claimant further alleges that misrepresentations of material facts were made in connection with the investment recommendation.

Broker Andrew Dougherty in Voya Financial Advisors, INC. Firm Has Customer Complaint

August 23, 2025 | by Staff Attorney

According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Andrew Dougherty (Dougherty), previously associated with Voya Financial Advisors, INC., has at least 2 disclosable events. These events include one customer complaint, one regulatory event, alleging that Dougherty recommended unsuitable investments in different investment products including debt securities among other allegations and complaints.

FINRA BrokerCheck shows a pending customer complaint with a damage request of $306,830.24 on June 25, 2025.

Client alleges representative’s sales of insurance and advisory products was unsuitable and not aligned with client’s needs or goals.

Broker Robert Taylor in Voya Financial Advisors, INC. Firm Has Customer Complaint

June 12, 2025 | by Staff Attorney

According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Robert Taylor (Taylor), previously associated with Voya Financial Advisors, INC., has at least one disclosable event. These events include one customer complaint, alleging that Taylor recommended unsuitable investments in different investment products including debt securities among other allegations and complaints.

FINRA BrokerCheck shows a pending customer complaint with a damage request of $99,999.00 on December 19, 2023.

Claimant alleges that, in 2015, Representative recommended alternative investments that were not suitable for Claimant. Claimant further alleges that Representative failed to disclose that the investments were high-risk, speculative, and illiquid.

There are Recent Customer Complaints with Broker Sean Muhlstein in Firm Voya Financial Advisors, INC.

June 5, 2025 | by Staff Attorney

According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Sean Muhlstein (Muhlstein), currently associated with Voya Financial Advisors, INC., has at least one disclosable event. These events include one customer complaint, alleging that Muhlstein recommended unsuitable investments in different investment products including debt securities among other allegations and complaints.

FINRA BrokerCheck shows a settled customer complaint on February 06, 2024.

Complainant alleges that Representative advised Complainant to include misleading and/or false information on an insurance application regarding Complainant’s employment status and income sources.

Michael Hagan subject to Multiple Customer Disputes for Unsuitable Investment Recommendations

July 11, 2018 | by Staff Attorney

The securities attorneys at Gana Weinstein LLP are investigating claims against Voya Financial Advisors Inc. (Voya Financial) broker Michael Hagan (Hagan). According to BrokerCheck records, Michael has been subject to seven customer complaints. The majority of these complaints concern the misrepresentation and unsuitable recommendation of variable annuities, equity indexed annuities, and Variable Universal Life (VUL) insurances.

Most recently, in April 2017, a customer alleged that Hagan recommended unsuitable investment products for the customer and misrepresented the nature of the investments. The dispute was settled at $164,455.

In January 2010, a customer alleged that in February 2000, Hagan’s recommendation of John Hancock Variable Universal Life (VUL) insurance was unsuitable and should be reexamined.

James Flynn Subject to at Least 10 Customer Complaints Over Alternative Investments

July 5, 2018 | by Staff Attorney

Former IFS Securities, Inc. (IFS) and Voya Financial Advisors, Inc. (Voya) broker James Flynn (Flynn) has been subject to at least ten customer complaints, two employment terminations for cause, three tax or civil judgment liens, and one bankruptcy proceeding. According to a BrokerCheck report many of the customer complaints concern alternative investments and direct participation products (DPPs) such as non-traded real estate investment trusts (REITs). The attorneys at Gana Weinstein LLP have extensive experience handling investor losses caused by these types of products.

In February 2017 Voya discharged Flynn accusing the broker of providing misleading information to the firm during a complaint investigation. Despite numerous customer complaints and financial troubles IFS hired Flynn anyway only to also discharge him a year later in February 2018. IFS claims that Flynn was terminated because he executed unauthorized trades.

In addition, Flynn was subject to large tax liens totaling hundreds of thousands of dollars. In April 2005 Flynn disclosed a tax lien of over $256,000. Thereafter, Flynn declared bankruptcy in April 2013. The fact that a broker cannot manage his own personal finances is material information for a client to consider. In addition, the types of products clients have alleged were unsuitable are high commission products that may be recommended to generate high profits for the advisor at the expense of the client.

James Lynn Subject to Multiple Complaints Over REIT Investment Sales

June 27, 2017 | by Staff Attorney

Broker James Lynn (Lynn) was recently terminated by his former employer Voya Financial Advisors, Inc. (Voya). According BrokerCheck Voya alleged that Lynn provided misleading information to the firm during a complaint investigation. In addition to the termination, Lynn has been subject to six customer complaints, one bankruptcy and three judgments or tax liens. The securities lawyers of Gana Weinstein LLP are investigating the customer complaints against Lynn.

Many of the complaints concern variable annuities or direct participation products (DPPs) such as non-traded real estate investment trusts (REITs). The most recent complaint filed in May 2017 requested $115,000 in damages alleging that the investor claimed the that the REIT investments and the replacement of a variable annuity policy was unsuitable. The REITs were purchased in 2014 and 2015. The claim is currently pending.

All of these investments come with high costs and historically have underperformed even safe benchmarks, like U.S. treasury bonds. For example, products like oil and gas partnerships, REITs, and other alternative investments are only appropriate for a narrow band of investors under certain conditions due to the high costs, illiquidity, and huge redemption charges of the products, if they can be redeemed. However, due to the high commissions brokers earn on these products they sell them to investors who cannot profit from them. Further, investor often fail to understand that they have lost money until many years after agreeing to the investment. In sum, for all of their costs and risks, investors in these programs are in no way additionally compensated for the loss of liquidity, risks, or cost.

Voya Financial Advisors to Stop Selling L Share Annuities Over Suitability Concerns

August 19, 2015 | by Staff Attorney

InvestmentNews has reported that brokerage firm Voya Financial Advisors (Voya) changed its variable annuity selling policies by restricting the sale of contracts known as “L share” annuity contracts if the contract include riders. The change comes due to increasing pressure from regulators concerned about the products’ suitability for investors. The firm has 2,200 brokers that would be effected by the new policy.

Voya stated in the article that “We feel strongly that it is in the best interests of our advisers and their clients to make this change to Voya Financial Advisors’ suitability policy.” The firm stated that the product has been scraped “in order to best serve the retirement readiness and long-term planning needs of our customers.”

L-shares charged higher ongoing fees in exchange for a shorter time frame for withdraw penalties, known as surrender charges. However, the L-shares when combined with riders that come with even extra costs that make the product even more expensive. The riders are added for a variety of reasons including to reduce market risk or modify death benefits.