Category Archives: NYLife Securities

David S. Silberg-Aegis Capital Broker-Discloses Customer Complaints-Port Washington, NY

April 2017-Port Washington, NY-Tampa, FL

The FINRA records of  David S. Silberg ,  a  broker with Aegis Capital Corp.   disclose a pending customer dispute, 2 prior final customer disputes and 2 terminations from employment.

The Financial Industry Regulatory Authority (FINRA) is the agency that licenses and regulates stockbrokers and brokerage firms. FINRA requires brokers and brokerage firms to report customer complaints and disputes as well as regulatory sanctions. In addition brokers are required to disclose certain financial matters such as personal bankruptcies, judgments and liens.

In currently pending FINRA Case 16-01779 in Tampa, FL ,  a customer of Aegis Capital  seeks damages of $100,001 and alleges that from 2013-present unsuitable investments were made together with misrepresentations and omission of material facts concerning an investment in a corporate debt security.

In a prior matter , FINRA Case 9-6509, a customer of GunnAllen Financial, a prior employer, alleged damages of $375,000 for unsuitable investments and unauthorized trading. That case was settled for $50,000.

Silberg has been registered with Aegis Capital  since 2/2010 and discloses a business affiliation with ACC Agency .

In 11/2004 Silberg was discharged from Kirlin Securities for failing to inform his supervisor or the firm about an oral customer complaint.

In 2/1998 Silberg was discharged from NYLife Securities after he stopped payment on a check that he had remitted to NY Life Securities to reimburse it for expenses incurred in making a client whole.

If you have questions about an account  handled by David S. Silberg  , contact us to discuss to discuss your options.

Rex Securities Law , with offices in Boca Raton, FL,  and  Austin, TX,   provides representation to  investors  nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney.

Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.

Nationwide Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870

Michael Griffith-Former NY Life Stockbroker-Barred from Industry for Forgery

January 27, 2016- Maryland

Michael Roger Griffith entered into a Letter of Acceptance Waiver and Consent (AWC) with the Financial Industry Regulatory Authority (FINRA) to resolve allegations that he submitted two fictitious applications for life insurance on behalf of a customer of NYLife, forged the customer’s signature on the applications and set up automatic bank debit for the policies, all without the customer’s knowledge or authorization.

AWC No.  2015046129301

Griffith was barred from the securities industry.

According to FINRA records Griffith was registered with NYLife Securities from 5/2012-9/2015. Prior to that he was registered with TIAA-Cref. 

Rex Securities Law , with offices in Boca Raton, FL,  and  Austin, TX,   provides representation to  investors  nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney.

Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.

Nationwide Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870

Former NYLife Securities Broker in San Antonio Barred from Industry by Regulators

July 2,  2015- San Antonio, Texas

Emily A. Pena  entered into a Letter of Acceptance Waiver and Consent (AWC) with the Financial Industry Regulatory Authority (FINRA) to resolve allegations that she used personal funds to pay life insurance premiums for three customers, unrelated to her thereby generating compensation to which she was not entitled. In addition, FINRA alleged that she provided a customer with a credit reimbursement letter that she fabricated, guaranteeing the customer against losses due to surrender fees in violation of FINRA Rule 2010.

AWC No. 2014041353501

Pena  was  barred from the securities industry.

According to FINRA records, Pena was registered with NYLife Securities from 5/2009-5/2014.

Rex Securities Law , with offices in Boca Raton, FL,  and  Austin, TX,   provides representation to  investors  nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney.

Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.

Nationwide Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870

Losses on MainStay Cushing Royalty Energy Income Funds ?

MainStay Cushing Royalty Energy Income Fund, marketed by NY Life, invested primarily in securities of energy related U.S. royalty trusts, Canadian royalty trusts, Canadian exploration and production companies, and securities of other companies based in North America. Their sales literature highlight the ‘shale revolution’ that was sparking a U.S. energy renaissance.

OPEC apparently decided to send a message to the shale drillers that the world did not need $100 oil and refused to cut production, notwithstanding oversupply. Crude oil peaked in summer of 2014 and by early 2015 had dropped over 50% . As a result all of the MainStay Cushing Royalty Energy Funds have dropped dramatically.

MainStay Cushing Royalty Energy A (CURAX) traded at over $20 in August 2014 and was down to $10 by February 2015.

MainStay Cushing Royalty Energy Inc. (CURNX)traded at about $20 in July  2014 and was down to $10 by February 2015.

MainStay Cushing Royalty Energy Inc. (CURCX) traded at just under $20 in July  2014 and was less than $10 by February 2015.

MainStay Cushing Royalty Energy Inc. (CURZX) traded at about $20 in July  2014 and was down to $10 by February 2015.

Oil and gas investments are inherently risky and speculative. Brokers have a duty to make recommendations that are suitable. If you have losses on MainStay Cushing Royalty Energy investments that were not suitable given your investment objectives and risk tolerance, contact us to learn how you may be able to recover damages.

Rex Securities Law , with offices in Boca Raton, FL,  and  Austin, TX,   provides representation to  investors  nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney.

Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.

Nationwide Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870

NY Life Broker David Herlicka Suspended/Fined by FINRA-Unsuitable Life Insurance Sales

UPDATE April 2017The FINRA records of David A. Herlicka disclose a final regulator event, 23 prior Final Customer Disputes and a termination from employment. Of the 23 customer disputes, 19 were complaints involving life insurance products and resulted in cash settlements which ranged from several thousand dollars to as high as $138,052.

ORIGINAL POST September 2014-

To resolve an action brought by the Financial Industry Regulatory Authority (FINRA) that he made unsuitable recommendations for the purchase of variable life insurance (VUL) , former NYLife Securities broker David A. Herlicka, of Bedford, New Hampshire, was suspended,  for 18 months beginning 6/2/2014 and  fined over $97,000, which includes disgorgement of commissions received of $77,000.

In the filing, FINRA alleges that Herlicka:

  • made recommendations to customers were unsuitable based on their financial situation and needs
  • made false entries on variable universal life insurance applications
  • made inaccurate statements and failed to make disclosures to customers regarding the risks of withdrawing funds, the risk of policy lapse and the existence of surrender charges
  • purchased a $1.5 million VUL policy for a customer without the customer’s authority

According to FINRA records there are numerous customer complaints against Herlicka. To access the FINRA BrokerCheck website, see this.

Variable Universal Life policies are complex and have their pitfalls. You should make certain that you fully understand the risks associated with this type of product and that you can afford the premium contributions required in the future.

If you were sold a variable universal life policy and feel that it was misrepresented to you or that it is not suitable for you given your financial situation and needs, call to discuss how you may be able to recover damages or have the transaction reversed.

Rex Securities Law , with offices in Boca Raton, FL,  and  Austin, TX,   provides representation to  investors  nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney.

Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.

Nationwide Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870

NY LIfe Securities Broker Mark Garrison Fined/Suspended

August 2014-Easley, South Carolina

FINRA assessed a deferred fine of over $37,000 which included disgorgement of commissions to Mark Steven Garrison, a former broker with NY Life Securities, to resolve allegations that he participated in a private securities transaction without notifying his member firm’s approval.

According to FINRA Garrison participated in the sale of about $865,000 in a ‘Silver Program’ knows as Atlantic Bullion & Coin, an investment that was not approved by his firm and was determined to be a ponzi scheme. Garrison was suspended for 14 months.

Rex Securities Law provides nationwide representation to investors seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney.  Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.

Rex Securities Law

561 391 1900

 

Former NYLife Securities Broker Judy Chang Barred For Forgery

The Financial Industry Regulatory Authority (FINRA) is the largest independent regulator for all securities firms doing business in the United States. FINRA’s chief role is to protect investors by maintaining the fairness of the U.S. capital markets.

All stockbrokers and broker dealers (brokerage firms) are required to be licensed by and subject to the rules and regulations of FINRA. Each month FINRA publishes disciplinary actions against brokers and broker dealers. Discipline can range from monetary fines and suspensions, or in extreme cases, revocation of licensing and a bar from the securities industry.

See the FINRA website for current and historical disciplinary actions.

 
October 2013

Judy L. Chang aka Judy Chang Huckle (CRD #2485754, Registered Representative, Las Vegas, Nevada) submitted a Letter of Acceptance, Waiver and Consent in which she was barred from association with any FINRA member in any capacity. Without admitting or denying the findings, Chang consented to the described sanction and to the entry of findings that in connection with a FINRA investigation into a Uniform Termination Notice for Securities Industry Registration (Form U5) filed by a member firm reporting that Chang admitted that she violated company policy for failing to obtain genuine customer signatures on traditional life insurance applications and policy documents, FINRA requestedthat Chang provide information and documents, to which she refused. ( FINRA Case #2012034011701)

According to FINRA records, Chang was registered with NY Life Securities 1/2009-9/2012. Prior to that she was registered with WMA Securities.

 
For the complete report visit the FINRA disciplinary website and follow the October 2013 link.
If you have questions about investment losses or the way your brokerage account has been handled, please contact us to discuss your legal rights.

Rex Securities Law , located in Boca Raton, FL, provides representation to  investors  nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney. Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.

Rex Securities Law

561 391 1900