Micheline E. Yacoub (CRD# 5900980) is a NYLIFE Securities LLC broker and Eagle Strategies LLC investment adviser representative based in the Boston, Massachusetts area, whose FINRA BrokerCheck report discloses a settled customer dispute involving multiple variable annuities.
Financial Advisor’s Career History
According to her BrokerCheck report, Micheline E. Yacoub has been registered with NYLIFE Securities LLC since May 2011, working out of a branch office operating under the M Y Core Financials LLC name at 1864 Center Street in Boston, Massachusetts. She has also been registered as an investment adviser representative with Eagle Strategies LLC since November 2013 and is the owner of M.Y. Core Financials, LLC, an investment-related business she has reported operating since 2022. Her employment history also shows she has been an agent of New York Life Insurance Company since March 2011, focusing on insurance and investment-related products.
Micheline E. Yacoub Fraud Allegations and Investor Complaints Explained
FINRA BrokerCheck currently reports one settled customer dispute involving Micheline E. Yacoub and customers of NYLIFE Securities LLC.
In that complaint, customers alleged that three separate variable annuity policies they purchased between March 2022 and April 2022 “did not provide any benefit” because the products contained fees and holding periods that were not adequately explained. The customers further alleged that one of the variable annuity policies was described to them as a fixed policy, raising concerns about misrepresentation and the clarity of disclosures around fees, risk, and liquidity.
NYLIFE Securities LLC reported that, although the customers did not specify an exact damages figure, the firm concluded in good faith that potential losses could exceed $5,000. The complaint was received on December 14, 2022, and later resolved through a monetary settlement. The Firm reported a total settlement amount of $52,723.03, with no contribution by Ms. Yacoub personally and a broker statement noting that an additional offer was accepted on May 11, 2023. The dispute is now marked as “settled” on her regulatory record.
At this time, her BrokerCheck report shows:
- One customer dispute – settled involving variable annuity products between March 2022 and April 2022
- Product type: Variable annuities
- Allegations: Failure to explain fees and holding periods; one variable annuity allegedly presented as a fixed policy
- Date complaint received: December 14, 2022
- Status: Settled
- Settlement amount: $52,723.03
- Individual contribution: $0.00
- Broker statement: An additional offer was accepted on May 11, 2023
No other customer disputes, regulatory actions, terminations, or financial disclosures are currently reported for Ms. Yacoub on BrokerCheck.
Investors who purchased variable annuities through Ms. Yacoub and believe they were not fully informed of surrender charges, internal fees, market risk, or liquidity restrictions may have potential claims involving misrepresentation, omission of material facts, or unsuitable investment recommendations, depending on their individual circumstances.
To obtain a copy of Micheline E. Yacoub’s FINRA BrokerCheck report, visit this link.
Robert Wayne Pearce Is Committed to Recovering Your Investment Losses
FINRA Rule 2111 (Suitability) is central to the allegations involving Ms. Yacoub’s variable annuity sales. Under FINRA Rule 2111, a broker or advisor must have a reasonable basis to believe that any recommended security or investment strategy is suitable for the customer based on that customer’s investment profile—including age, financial situation, tax status, investment objectives, risk tolerance, time horizon, and need for liquidity.
In the context of the settled dispute described above, suitability questions arise if:
- The customers needed access to their funds but were placed into long-term annuities with substantial surrender charges or restrictive holding periods;
- The overall costs and risks of the annuities were not fully explained before purchase; or
- The annuity structures did not reasonably align with the customers’ stated goals and risk profiles.
If a customer is sold multiple long-term annuity contracts in close succession, arbitrators may also examine whether the overall strategy created excessive concentration in a single product type and whether the broker performed adequate due diligence on each contract’s features, riders, and fees.
FINRA Rule 2010 requires that brokers “observe high standards of commercial honor and just and equitable principles of trade.” This broad conduct rule often appears alongside more specific violations such as unsuitability, misrepresentation, or failure to supervise.
In a case where customers allege that a variable annuity was described as a “fixed” policy and that key fees and holding periods were not explained, Rule 2010 may be implicated if arbitrators conclude that the broker’s communications were misleading, incomplete, or inconsistent with the actual features of the product. Even when a firm, rather than the individual broker, pays the settlement, the underlying conduct can raise serious concerns about whether the broker satisfied the duty to deal fairly and honestly with customers at all times.
Rule 2010 also underpins many claims involving failure to correct earlier misstatements, failure to respond candidly to customer questions, or a pattern of sales practices that place the broker’s or firm’s interests ahead of the client’s needs.
FINRA Rule 2210 governs “Communications with the Public,” including written and oral statements that brokers make to customers about investment products. The rule requires that communications be fair, balanced, and not misleading, and that they provide a sound basis for evaluating the facts regarding any security or investment strategy.
Where customers allege that a variable annuity was explained as a fixed product, or that critical information about fees, holding periods, or other restrictions was not clearly disclosed, arbitrators may examine whether the broker’s communications complied with Rule 2210. For example, if a presentation or conversation emphasized potential benefits while downplaying or omitting material risks and costs, that imbalance can support findings of improper sales practices in conjunction with unsuitability and fair-dealing rules.
In disputes involving complex annuity products, the interplay of FINRA Rules 2111, 2010, and 2210 often forms the legal foundation for investors’ claims that they were misled or not properly advised before committing their retirement savings.
For over 45 years, Robert Wayne Pearce has helped investors recover losses caused by broker fraud, negligence, and unsuitable recommendations. His firm, The Law Offices of Robert Wayne Pearce, P.A., represents clients nationwide on a no-recovery, no-fee basis. Call (800) 732-2889 or email pearce@rwpearce.com for a free case review with an experienced securities attorney.