Articles Tagged with nylife securities

AdobeStock_1800313-1-300x204Stoltmann Law Offices continues to investigate Cecil Nivens, a broker with NYLife Securities in Gastonia, North Carolina. Nivens was recently suspended by the Financial Industry Regulatory Authority (FINRA). Nivens had allegedly recommended that his customers purchase variable universal life (VUL) insurance policies, using the proceeds from the customers’ existing variable annuities to pay for the premiums. This misconduct took place between February 2012 and April 2013. In September 2017, Nivens failed to respond to his complaint against him, and FINRA suspended him from the industry for two years. He was also ordered to disgorge $185,737 in commissions from the VUL sales.
If you lost money with Cecil Nivens, please call our securities law firm for a free consultation with an attorney. We may be able to help you bring a claim against NYLife Securities for not properly supervising Nivens. There is no obligation. We are based in Chicago, Illinois. 312-332-4200.
Nivens was registered with NYLife Securities in Gastonia, North Carolina from May 1991 until February 2014. He has 11 customer disputes against him. He is currently not registered within the industry.

AdobeStock_762441-1-300x225Stoltmann Law Offices is interested in speaking to investors who may have purchased investments with Walter Starghill, who was terminated from Lincoln Investment Services in Southfield, Michigan. Mr. Starghill allegedly participated in a private securities transaction, which violated firm policy and is against securities rules and regulations. Starghill’s former firm, Lincoln Investment Services, can be sued in the Financial Industry Regulatory Authority (FINRA) arbitration forum on a contingency fee basis in order to recover losses. To find out how we may be able to help you recover those losses, please call our Chicago-based securities law firm today at 312-332-4200. The call is free with no obligation.
According to his online FINRA BrokerCheck report, Mr. Starghill was registered with Chase Investment Services in Westland, Michigan from February 2010 until July 2011, NYLife Securities in Southfield, Michigan from September 2011 until December 2013 and Lincoln Investment Services in Southfield from March 2014 until March 2017. He is currently not registered within the industry.

AdobeStock_35532974-1-300x200Stoltmann Law Offices is investigating Jonathan Lo, a former broker with NYLife Securities, who was recently barred from the industry by the Financial Industry Regulatory Authority (FINRA). Lo was accused of engaging in mutual fund switching. Mutual fund switching is the process of transferring an investment from one fund to another, or the process of liquidating a position in exchange for other securities with better prospects for growth, yield or capital gains. This can result in unnecessary fees for the customer, and is against securities rules and regulations. Mr. Lo was permitted to resign from NYLife Securities because of these transgressions. Brokerage firms like NYLife have a responsibility to adequately supervise all representatives who are registered through the firm. They also must take steps to ensure that their financial advisors follow all securities rules and regulations, as well as firm policies. If they do not, they may be liable for investment losses customers may suffer.
According to his online FINRA BrokerCheck public record, Mr. Lo was previously registered with Pruco Securities, Morgan Stanley, Merrill Lynch, Chase Investment Services, JP Morgan and NYLife Securities in New York, New York from November 2013 until August 2015. He has five customer disputes against him and has been permanently barred from the industry. Please call our Chicago-based law offices today at 312-332-4200 if you suffered losses with Mr. Lo. We are securities attorneys who may be able to help you recover your losses in the FINRA arbitration forum. The call is free with no obligation.

AdobeStock_99700100-2-300x200Stoltmann Law Offices is investigating Cecil Nivens, a former advisor with NYLife Securities in Gastonia, North Carolina. Nivens allegedly recommended that his customers purchase variable universal life (VUL) insurance policies. He then used the proceeds from the customers’ existing variable annuities to pay for the VUL premiums. This resulted in the customers paying taxes on the withdrawals from the variable annuities. Nivens was terminated from NYLife Securities and the firm paid out over $558,000 in settlements to Nivens former customers. If you lost money with Cecil Nivens, please call our securities law firm for a free consultation with an attorney. We may be able to help you bring a claim against NYLife Securities for not properly supervising Nivens. There is no obligation. We are based in Chicago, Illinois. 312-332-4200.

Nivens was registered with NYLife Securities in Gastonia, North Carolina from May 1991 until February 2014. He has 11 customer disputes against him. He is currently not registered within the industry.

AdobeStock_66548440-1-300x169Stoltmann Law Offices is investigating Cynthia Bolker, a former broker with NYLife Securities in San Diego, California. Bolker was recently barred from the industry by the Oregon Division of Financial Regulation after she allegedly borrowed money from customers. This is in violation of securities laws and in violation of NYLife Securities rules. She was also barred from the industry by the Financial Industry Regulatory Authority (FINRA) for the same violations and conduct. Bolker was registered with NYLife Securities in San Diego, California from October 1983 until December 2015. According to her FINRA BrokerCheck, she has been permanently barred from the industry. Please call our Chicago-based securities law firm today at 312-332-4200 to speak to an attorney about your options of bringing legal recourse against NYLife Securities for not properly supervising Ms. Bolker. The firm can be sued in the FINRA arbitration forum on a contingency fee basis in order to recover investment losses.

AdobeStock_50775754-2-300x200James P. Kolf, a former registered broker in Sauk City, Wisconsin, was recently accused of setting up a phony investment venture that used hundreds of thousands of dollars to pay his personal bills. Kolf set himself up as sole proprietor of SFN Financial Network, which was a fictitious company. Allegedly, between 2011 and 2016, he defrauded 14 investors out of $905,000 in amounts from $9,000 to $150,000, promising to invest the funds in energy companies and returns of six to eight percent annually. At least eight of his customers liquidated accounts to move the money to Kolf’s fake investment. Kolf allegedly paid $47,572 in phony investment payments to convince early investors they were making money and mailed false account statements to investors reflecting re-investments of their interest, according to a consent order. He used the rest of the money to make car payments, pay legal bills and to pay federal tax bills and to make home improvements. These are all against securities laws.

Kolf was registered with John Hancock in Boston, Massachusetts from November 1981 until May 1997, Signator Investors in Madison, Wisconsin from November 1981 until October 2009, New England Securities in Middleton, Wisconsin from September 2009 until January 2015, MetLife Securities in Middleton from January 2015 until May 2016 and NYLife Securities in Madison, Wisconsin from May 2016 until August 2016. He has five customer disputes against him, four of which are currently pending. Please call our law firm today to speak to an attorney if you suffered losses with Mr. Kolf. We may be able to sue his former firm, New England Securities, in the Financial Industry Regulatory Authority (FINRA) arbitration forum on a contingency fee basis.

Stoltmann Law Offices is investigating Marc Bushey, a former registered representative with NYLife Securities. According to his recent Letter of Acceptance, Waiver and Consent (AWC) with the Financial Industry Regulatory Authority (FINRA) he allegedly converted $10,900 in funds from the account of a firm customer. He did so by writing checks to cash, and depositing those in his personal bank account and then used the funds for his personal use. This is against securities laws and he was barred from the industry by FINRA.

According to his online, FINRA BrokerCheck report, Bushey was registered with Scudder Investor Services in New York, New York from November 1993 until May 1994, A.G. Edwards & Sons in St. Louis, Missouri from October 1998 until October 2001, AXA Advisors in New York from January 2004 until January 2005, NYLife Securities in Bridgewater, Massachusetts from March 2005 until October 2016 and LaSalle Street Securities in Braintree, Massachusetts from September 2016 until November 2016. He has one customer dispute against him.

Please call our Chicago-based securities law firm today if you invested with Mr. Bushey. His former firm, NYLife Securities, can be held liable for losses because it did not properly supervise him. We try cases in the FINRA arbitration forum on a contingency fee basis, so we only get paid if you recover money. 312-332-4200.

The Financial Industry Regulatory Authority (FINRA) recently barred James Kolf. Kolf allegedly made material misrepresentations and omissions in the sale of at least $588,000 in purported securities to customers of his member firm. Kolf then used these securities to convert the customer’s funds into funds to pay for his own business and other personal expenses. Kolf allegedly also created and distributed false account statements to his customers, showing their interests in the fake investments, to continue the fraudulent scheme. These are all against securities rules and regulations. Kolf was registered with John Hancock from November 1981 until May 1997, Signator Investors in Madison, Wisconsin from November 1981 until October 2009, New England Securities in Middleton, Wisconsin from September 2009 until January 2015, MetLife Securities in Middleton from January 2015 until May 2016 and NYLife Securities in Madison from May 2016 until August 2016. He is not licensed within the industry and has been permanently barred. Your losses may be recoverable in the FINRA arbitration process on a contingency fee basis. Please call 312-332-4200 to find out how. The call is free with no obligation.

Did you lose money with Jodie L. Miller of Valic Financial Advisors and LPL Financial? If so, the attorneys at Stoltmann Law Offices are interested in speaking with you about those losses. Please call our law offices in Chicago at 312-332-4200 for a free consultation with one of our attorneys. There is no obligation. We may be able to help you bring a claim against Valic Financial and LPL Financial in the Financial Industry Regulatory Authority (FINRA) arbitration forum on a contingency fee basis. Please call today as there is a statute of limitations on many of these cases. Valic Financial and LPL Financial may be responsible for losses with Jodie L. Miller.

According to FINRA, Miller allegedly sold $764,000 worth of notes or “Letters of Protectino” issued by a company called Tri-Med Corporation. Allegedly, Miller earned over $38,000 in commissions for these sales. According to the complaint: “Tri-Med purchased from medical providers, at a discounted rate, outstanding receivables relating to personal injury claims, with the expectation that insurers would pay the entire receivable once the claim was resolved through litigation or settlement.” Miller allegedly did not have approval to sell Tri-Med investments from her brokerage firms, both Valic first, and then LPL Financial. FINRA also alleged that Miller had not reasonable basis to make recommendations of the investments, nor did she do her adequate due diligence. For this, she was ordered to pay a $15,000 fine and was suspended from the industry for 18 months. Tri-Med was accused of being a ponzi scheme, and the Florida Office of Financial Regulation brought a regulatory complaint against the company.

Miller was registered with NYLIfe Securities in Tampa, Florida from June 2004 until March 2008, Questar Capital Corp in St. Petersburg, Florida from March 2008 until November 2008, Valic Financial in Tampa, Florida from May 2009 until September 2012 and LPL Financial in Tampa from September 2012 until January 2013. She has one customer dispute against her and is not currently licensed within the industry, according to her online, public BrokerCheck report with FINRA.

According to a recent Letter of Acceptance, Waiver and Consent (AWC) with the Financial Industry Regulatory Authority (FINRA), Cynthia Bolker allegedly borrowed $745,800 from 10 NYLife Securities customers, while she was registered with the firm. This happened on at least 37 occasions between June 2010 and July 2015. She used the money to pay for personal expenses. This is against securities rules and regulations and against firm policy. For this, she was barred from the industry in all capacities by FINRA. According to her online BrokerCheck report, Bolker was registered with NYLife Securities in San Diego, California from October 1983 until December 2015. She is not currently registered with any firm is not licensed within the industry. Please call our law offices at 312-332-4200 today to speak to an attorney about your options of recovering investment losses by bringing legal action against NYLife Securities. The call is free.

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