Articles Tagged with NYLIFE Securities

David Raymond Colflesh submitted a Letter of Acceptance, Waiver, and Consent (AWC) to the Financial Industry Regulatory Authority (FINRA) in which he was suspended and ordered to pay 34,546.98 in deferred disgorgement of commissions received.

David Colflesh, of Tarkio, Missouri, was registered with NYLife Securities from 1982 until 2016 as a variable contract representative and a direct participation programs representative. From October 2014 to July 2015, Mr. Colflesh allegedly recommended nondiversified mutual funds to ninety customers without having basis to believe that his recommendations were suitable because he did not understand the funds’ complexity or potential risks. According to FINRA, the customers purchased 250 funds worth $4.5 million and Mr. Colflesh earned $34,546.98 in commissions. FINRA also stated Mr. Colflesh’s recommendations exposed his customers to a level or risk that was unsuitable, given their investment objectives. Based on the foregoing, FINRA concluded David Colflesh violated FINRA Rules 2111 and 2010. Continue Reading

Jose Luis Paula submitted a Letter of Acceptance, Waiver and Consent (AWC) to the Financial Industry Regulatory Authority (FINRA) for allegedly violating FINRA Rule 2010.

Jose Paula joined NYLife Securities LLC as an Investment Company and Variable Contracts Products Representative in March 2010 until his termination in January 2017. According to FINRA, Paula attempted to settle a customer complaint related to losses in her account by agreeing to refund her the total principal associated with the trades. The findings stated that when Mr. Paula issued a check in the amount of $10,000, he told the customer not to cash it until he could fund his checking account, but never did. The findings also stated that Mr. Paula never informed his firm of the complaint nor did he obtain authorization to settle the complaint, thereby violating FINRA Rule 2010. Continue Reading

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. Continue Reading

Michael Roger Griffith, a broker formerly employed by the Timonium, Maryland branch of NYLIFE Securities, LLC, submitted a letter of Acceptance, Waiver, and Consent (AWC) in which he consented to, but did not admit to or deny, the described sanction and the entry of the Financial Industry Regulatory Authority’s (FINRA) findings that he forged a customer’s signature on fictitious life insurance applications without the customer’s knowledge or consent.

Michael Griffith, of Middle River, Maryland, was found by FINRA to have submitted fictitious life insurance applications in which he forged the customer’s signature and set up an automatic bank account debit for the policies. Mr. Griffith is alleged to have done all of this without the customer’s knowledge or permission. As a result of Mr. Griffith’s fraudulent misconduct, the customer’s account was debited $1,220 which prompted the customer to contact NYLIFE Securities. The fake policies were then canceled, and the customer was repaid the money. Mr. Griffith’s actions caused him to be in violation of FINRA Rule 2010. Consequently, FINRA barred him from association with any FINRA member in any capacity. Continue Reading

William Hardy of Tallahassee, Florida submitted a Letter of Acceptance, Waiver and Consent (AWC) to The Department of Enforcement of the Financial Industry Regulatory Authority (FINRA) for allegedly misusing customer insurance premium funds.

Hardy became registered in December 1985 and in 2002 became registered with NYLife Securities LLC (NYLife). Hardy was terminated from NYLife on March 12, 2014. FINRA found that from May 5, 2013 through July 17, 2013, while still associated with NYLife, Hardy misused customer insurance premium funds causing the clients policies to lapse.

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William Robert Kinyon, a former registered representative with the Castleford, Idaho branch of NYLIFE Securities LLC (NYLIFE Securities) submitted a Letter of Acceptance, Waiver and Consent in which he consented to, but did not admit to or deny, the entry of the Financial Industry Regulatory Authority’s (FINRA) findings that he converted funds from an elderly customer’s account for personal use.

According to FINRA, William Kinyon’s elderly brokerage customer told him that she wanted to deposit $3,000 into one of her variable annuity accounts. Mr. Kinyon, however, deposited the check into his personal checking account and allegedly used the funds to make multiple personal purchases at stores such as Walmart and Costco. Continue Reading