Our firm is investigating NYLIFE Securities LLC broker and insurance agent Souad Zayed (CRD# 7169185) of Downers Grove, Illinois for potential misrepresentation and unsuitable recommendations involving variable universal life insurance policies.
Financial Advisor’s Career History
According to her FINRA BrokerCheck report, Souad Zayed has been registered with NYLIFE Securities LLC (CRD# 5167) since May 11, 2023, working out of the firm’s branch office located at 2001 Butterfield Road, Suite 800, Downers Grove, Illinois 60515. She is also licensed as an agent in Illinois and Iowa.
Zayed’s employment history in the financial services and banking industries spans several firms. Since April 2023, she has served as a registered representative of NYLIFE Securities LLC, and since December 2022, as an insurance agent with New York Life Insurance Company in Cincinnati, Ohio. From January 2020 through November 2022, she worked as a senior loan officer with PNC Bank in Downers Grove, Illinois, and from May 2015 through September 2018, she was a loan officer with JP Morgan Chase in Downers Grove, Illinois. In addition, she briefly worked as a financial advisor with Edward Jones in St. Louis, Missouri from September 2019 through December 2019.
Zayed also reports outside business activities, including serving as owner and president of Athena Group LLC, a vehicle-transport business based in Orland Park, Illinois, and working as an independent contractor brokering non-registered insurance products with outside insurance carriers.
Souad Zayed Fraud Allegations and Investor Complaints Explained
Public records on FINRA BrokerCheck show that Souad Zayed has one pending customer dispute involving variable universal life insurance policies sold through NYLIFE Securities LLC.
On October 10, 2025, a written customer complaint was lodged against Zayed relating to two variable universal life insurance policies purchased in July. The customer alleges that the premiums for these policies were higher than what had been discussed at the point of sale. The product type is identified as insurance. While the customer did not specify an exact dollar amount of damages, NYLIFE Securities LLC reported that it made a good-faith determination that the alleged damages would exceed $5,000. The matter is categorized as a customer dispute – pending, and there has been no settlement or adjudication reported as of the most recent update.
At this time, there are no reported regulatory actions, criminal matters, terminations, or financial events (such as bankruptcies or liens) disclosed for Zayed on her BrokerCheck report; the only disclosure involves this pending customer complaint.
For context, the key disclosure reported for Souad Zayed can be summarized as follows:
- Customer Dispute – Pending
- Date Complaint Received: October 10, 2025
- Product Type: Insurance (variable universal life insurance policies)
- Allegations: Customer alleges that premiums for two variable universal life insurance policies purchased in July were more than discussed.
- Alleged Damages: No specific amount alleged by the customer; firm determined in good faith that potential damages would exceed $5,000.
- Firm Involved: NYLIFE Securities LLC
- Status: Complaint pending; no settlement or final resolution disclosed.
As with all pending matters reported through FINRA BrokerCheck, these allegations have not been proven. The dispute may ultimately be denied, withdrawn, settled without any admission of liability, or resolved in favor of Zayed.
To obtain a copy of Souad Zayed’s FINRA BrokerCheck report, visit this link.
Robert Wayne Pearce Is Committed to Recovering Your Investment Losses
FINRA Rule 2111 (Suitability) focuses on whether a broker’s recommendation of a securities or investment strategy—including variable insurance products such as variable universal life policies—was appropriate for the customer based on that customer’s investment profile. When a representative recommends policies with premium obligations that are higher than what the client can reasonably afford, or fails to fully explain that premiums may increase beyond what was initially discussed, that recommendation may be unsuitable under FINRA Rule 2111.
FINRA Rule 2010, the Standards of Commercial Honor and Just and Equitable Principles of Trade, is a broad ethical rule that requires brokers and firms to conduct business with high standards of fair dealing. If an advisor’s discussions about variable universal life insurance premiums were incomplete, misleading, or inconsistent with what was later charged, regulators and arbitrators may view that conduct as falling short of the ethical obligations imposed by FINRA Rule 2010, even if no more specific rule is cited.
FINRA Rule 2210 (Communications with the Public) governs written and electronic communications used to market or explain investment products to customers. In an insurance context, this rule can apply to policy illustrations, brochures, emails, and other materials describing variable universal life policies. If those communications omit key information about how premiums are determined, understate the likelihood of premium increases, or otherwise present an unbalanced picture of costs and risks, they may be considered misleading under Rule 2210’s standards requiring fair and balanced communications that provide a sound basis for evaluating the product.
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.