August 2021- New Orleans, LA
According to publicly recorded records, Thomas J. Barone , a currently unregistered financial advisor who was last employed by NYLife Securities, discloses a regulatory event, a customer dispute and a termination 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 12/2020 in FINRA case #2019062300001 , Barone consented to the sanctions and to the entry of findings that he forged certain signatures on a while life insurance policy application and related documents. The findings stated that when the policy went into effect, Barone signed a customer’s signature to a policy illustration document and receipt form. He signed the policy receipt form as agent, falsely certifying that he had delivered the signed application and policy illustration to the customer. Barone signed the forms with the mistaken understanding from another registered representative in his office that he had permission from the customer to sign on their behalf. He received approximately $3,200 in upfront and trailing commissions as a result of the sale. The customer complained that the policy had not been authorized and wanted to be repaid for the premium payments, which had been automatically debited from his account. To settle the complaint, Barone paid $10,000 without the firm’s knowledge or approval. During the investigation, Barone falsely denied forging any of the documents. Sanctions were a four month suspension, commencing 12/2020, and a $5,000 fine levied against Barone individually.
In December of 2018 a NYLife Securities customer alleged that he did not sign policy documents for a fixed life insurance policy purchased in his name. The case was settled for $31,500.
In December of 2018, Barone was allowed to resign from NYLife Securities after the Company’s review of a customer complaint, which alleged a life insurance application was submitted without the customer’s authorization, consent or signature. A forensic signature analysis concluded that the questioned signature was not genuine. A fraud report was filed with the Louisiana Department of Insurance. Barone had been employed with NYLife Securities since June of 2015,
If you have losses in an account handled by Thomas Barone, call to learn how you may be able to recover damages through FINRA arbitration.
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.
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