Kyle Wittgren Investigation
February 20, 2023- Frisco, TX
The FINRA records of Kyle Wittgren, a stock broker previously employed by NYLife Securities, disclose 2 regulatory events 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 1/2022, the state of Minnesota filed case #68453/GAM alleging that Wittgren used dishonest and deceptive practices by (i) creating fake annuity applications without the knowledge of consent of the applicants (ii) misrepresenting information on annuity applications, and (iii) falsifying application signatures in violation of Minnesota statutes. Sanctions ordered were revocation of Wittgren’s securities license and his insurance license.
In 12/2021, without admitting or denying the findings, Wittgren consented to the sanction and to the entry of findings that he refused to provide on-the-record testimoney to FINRA in connection with it’s investigation that began after receiving a Form U5 that his member firm filed. The findings stated that the Form U5 disclosed that the firm had permitted Wittgren to resign after he admitted that he signed clients’ names without the clients’ knowledge or consent, submitted unfunded variable annuity rollover applications and altered three of the clients’ email addresses in violation of company policy. The sanctions were that Wittgren is permanently barred from the securities industry.
In 4/2021, Wittgren was permitted to resign from NYLife Securities after he admitted he signed clients’ names without the clients’ knowledge or consent, submitted unfunded variable annuity rollover applications and altered three of the clients’ email addresses in violation of company policy.
Wittgren had been with NYLife Securities since 4/2016. Before that time he had been with OneAmerica Securities from 5/2013-5/2013.
If you have losses in an account handled by Kyle Wittgren call for a no charge consultation to learn about your options for recovery of 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.
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