Marc Bushey, of Plympton, Massachusetts, has been permanently barred from acting as a broker or otherwise associating with firms that sell securities to the public. Mr. Bushey submitted a Letter of Acceptance, Waiver, and Consent (AWC) in which he consented to, but did not admit to or deny, the Financial Industry Regulatory Authority’s (FINRA) findings that he allegedly converted a client’s trust funds for his personal use.
According to FINRA, Marc Donald Bushey, a broker formerly employed with NYLife Securities LLC, assisted his customer with creating a trust in 2007 to benefit the customer’s children. The customer and a third party were appointed as co-trustees. Mr. Bushey then assisted the customer’s trust in opening an account with NYLife Securities, where he served as the registered representative on the account. FINRA found that between November 2015 and September 2016, Mr. Bushey wrote at least seven checks from the trust’s account, made them out to “cash,” and deposited them into his personal account. Mr. Bushey then used the funds for his personal use, according to FINRA. He never had authorization from the trustees for his actions.
Stockbrokers have been known to engage in many types of practices which violate industry and firm rules, practices, and procedures. In order to protect customers from stockbroker misconduct, FINRA rules require broker-dealers, like NYLife Securities, to not only establish and implement a reasonable supervisory system but enforce their rules, policies and procedures. The implementation of the rules require supervisors to monitor employees to ensure they comply with federal and state securities laws, securities industry rules and regulations, and the firm’s own policies and procedures. If broker dealers and/or their supervisors do not establish, implement and enforce these protective measures, they may be liable to investors for damages which flow from the misconduct. As a result, investors who have suffered losses because of their stockbroker’s unlawful or prohibited conduct can file a claim to recover damages against broker dealers, like NYLife Securities, which should consistently oversee its employees in order to prevent stockbroker misconduct.
Have you suffered losses in your NYLife Securities account due to your stockbroker’s misconduct? If so, call Robert Pearce at the Law Offices of Robert Wayne Pearce, P.A. for a free consultation. Mr. Pearce is accepting clients with valid claims against stockbrokers for conversion, unauthorized use of funds, or other prohibited conduct.
The most important of investors’ rights is the right to be informed! This Investors’ Rights blog post is by the Law Offices of Robert Wayne Pearce, P.A., located in Boca Raton, Florida. For over 40 years, Attorney Pearce has tried, arbitrated, and mediated hundreds of disputes involving complex securities, commodities, and investment law issues. The lawyers at our law firm are devoted to protecting investors’ rights throughout the United States and internationally! Please post a comment, call (800) 732-2889, send Mr. Pearce an email at firstname.lastname@example.org, and/or visit our website at www.secatty.com for answers to any of your questions about this blog post and/or any related matter.