Tag Archives: NYLife Securities problem

Gabe Hynes -Former Kestra Investment Broker- Discloses Two Regulatory Events, Two Customer Disputes and Two Terminations-St. Augustine, FL

May 2020- St. Augustine, FL

The FINRA records of Gabriel (Gabe) William Hynes, a broker previously employed  by Kestra Investment Services disclose two regulatory events, one resulting in his bar from the securities industry , two customer disputes and two 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 January 2020, Hynes was permanently barred from the securities industry by the Securities and Exchange Commission after allegations that he refused to appear for on-the-record testimony as requested by FINRA in connection with an investigations of his sale of Future Income Payments, LLC’s  (FIP) structured cash flow investments.

In August 2017, in FINRA  case 2016051410501 Hynes consented to sanctions and to the entry of findings that he purchased securities issued by privately held companies costing a total of $90,000.   These transactions were outside the course and scope of his employment with his member firm.   Hynes was suspended from FINRA for three months and was fined $10,000.

In July of 2018 FINRA case 18-02386 was filed by a customer of Hynes previous employer,  NYLife Securities  alleging that he misrepresented Future Income Payments (FIP) as a safe investment which would provide monthly payouts of 8% on a “guaranteed basis”.   The case was settled for $1,425,000.

In February 2001 an A.G. Edwards  customer was paid $9,000 to resolve allegations that Hynes authorized sales in order to place him in funds that were risky.

In May 2017, Eagle Strategies and NYLife Securities permitted Hynes to resign after the company became aware he violated company policy by failing to disclose (a) multiple outside business activities and private securities transactions, (b) brokerage account with an outside broker dealer, (c) a federal tax lien.     He had been employed with them since January 2001.

Hynes was employed with Kestra Investment Services from February 2018 until April 2018.

If you have questions about an account  handled by Gabriel (Gabe) Hynes ,call for a no charge consultation .

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.

International Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870

David Colflesh-Former NYLife Securities Broker-Subject of Multiple Customer Suits Over Mutual Funds-Tarkio, MO

October 2018- Tarkio, Missouri

The FINRA records of  David R. Colflesh ,  a  former stock broker who is not currently registered and who was last employed by NYLife Securities  disclose  a regulatory suspension and 18 prior customer disputes.

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 October 2018 FINRA suspended Colflesh for 18 months and fined him over $34,000 to resolve allegations that he recommended non diversified mutual funds (in energy, oil and gas)  to customers without having a reasonable basis for believing they were suitable, as he had not adequately educated himself about the funds. FINRA found that Colflesh knew his recommendations exceeded his firm’s limits on concentrations of risky stocks.

In 17 prior customer disputes NYLife paid cash settlements totaling about $750,000 to former customers of Colflesh who suffered losses on unsuitable mutual funds.

David Colflesh was employed by NYLife Securities from 9/1983-11/2016 and operates Colflesh Financial Services Inc. in Maryville, MO.

If you have losses in an account handled by David Colflesh  call for a no charge consultation to learn about your options for recovery of damages from NYLife Securities.

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

Joel Flaningan-Former NYLife Broker-Sued Over Woodbridge Fund Sales-Fort Wayne, Indiana

July 2018- Fort Wayne, Indiana

The FINRA records of  Joel Vincent Flaningan ,  a  former stock broker who is not currently registered and who was last employed by NYLife Securities  disclose  a pending customer dispute involving the allegedly fraudulent Woodbridge Mortgage Investment Funds.

A customer of NYLife has filed a suit in Allen Superior Court alleging that material facts and the risks associated with an unregistered investment in Woodbridge Mortgage Investment Fund purchased in April 2017 were not disclosed. The customer seeks the return of his $65,000 investment less income received plus 8% interest, costs and attorney fees.

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.

Woodbridge-A $1.2 billion Ponzi According to SEC

The U.S. Securities and Exchange Commission announced charges and an asset freeze against a group of unregistered funds and their owner who allegedly bilked thousands of retail investors, many of them seniors, in a $1.2 billion Ponzi scheme.

According to the SEC’s complaint, unsealed in federal court in Miami, Florida, Robert H. Shapiro and a group of unregistered investment companies called the Woodbridge Group of Companies LLC, formerly headquartered in Boca Raton, Florida, defrauded more than 8,400 investors in unregistered Woodbridge funds.

“We allege that through aggressive tactics, Woodbridge and Shapiro swindled seniors into a business model built on lies, which the SEC’s Miami Regional Office staff moved to halt,” said Stephanie Avakian, Co-Director of the SEC’s Enforcement Division.

“Our complaint alleges that Woodbridge’s business model was a sham,” said Steven Peikin, Co-Director of the SEC’s Enforcement Division. “The only way Woodbridge was able to pay investors their dividends and interest payments was through the constant infusion of new investor money.”

“Our complaint further alleges that Shapiro used a web of layered companies to conceal his ownership interest in the purported third-party borrowers,” said Eric I. Bustillo, Director of the SEC’s Miami Regional Office.  “Shapiro used the scheme to line his pockets with millions of investor dollars.”

Flaningan was employed by NYLife Securities   from 19/2009-5/2018 when he was discharged by NYLife Securities when the company learned of his sale of Woodbridge Funds. Flaningan operated his insurance sales business under the dba name of Advanced Strategies Group.

If you have losses in an account handled by Joel Flaningan, 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.

Nationwide Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870

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

September 2019-Port Washington, NY-Tampa, FL

The FINRA records of  David S. Silberg ,  a  broker who previously worked for  Aegis Capital Corp.   disclose a prior regulatory event,  3 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 9/2018 Massachusetts securities regulators sanctioned Silberg, ordering that he be subject to heightened supervision for a period of five years, which in part provides that Silberg will not solicit or meet with new Massachusetts customers and will not service accounts for new Massachusetts customers. Massachusetts regulators alleged that Silberg had been the subject of five customer complaints alleging forgery, unauthorized trading and misrepresentations related to the sale of an annuity.

In  FINRA Case 16-01779 in Tampa, FL ,  a customer of Aegis Capital  alleged that from 2013-present unsuitable investments were made together with misrepresentations and omission of material facts concerning an investment in a corporate debt security. That case settled for $29,750.

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

Silberg  is currently employed with Allied Millennial Partners. He was registered with Aegis Capital  from 2/2010 to 8/2018.

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