Voya Financial Advisors: Review of Complaints, Regulatory Actions

Voya Financial Advisors Complaints and Regulatory Actions – Updated 2025

The White Law Group reviews the increasing number of investor complaints and regulatory actions involving Voya Financial Advisors.

Voya Financial Advisors Background

Voya Financial Advisors, Inc. (CRD#: 2882 / SEC#: 801-46585, 8-13987), headquartered in Windsor, Connecticut, is a dual-registered broker-dealer and investment advisory firm with approximately 800 registered representatives and more than 300 branch offices nationwide.

According to FINRA’s BrokerCheck, Voya Financial Advisors has operated under several names:

• ING Financial Partners, Inc.

• Washington Square Securities, Inc.

• Variable Life Brokerage Distributors

• NWNL Management Corporation

Voya has been registered since 1968 and has 44 disclosures listed on its CRD record, including 35 regulatory events and 9 arbitrations—highlighting potential supervisory and compliance concerns.

Regulatory Actions Involving Voya Financial Advisors

 FINRA Fines Voya $500,000 for Paying an Unregistered Entity

Date: January 25, 2024
Violations: FINRA Rules 2040 and 2010
Penalty: $500,000 fine and censure

Between March 2018 and September 2019, Voya paid over $2.9 million in transaction-based compensation to an unregistered entity affiliated with an insurance agent, in connection with the sale of variable universal life insurance (VUL) products—violating FINRA’s prohibition on such payments.

 SEC Orders Voya to Pay $23 Million for Fiduciary Violations

Date: December 21, 2020
Violations: Breach of fiduciary duty, failure to disclose conflicts
Penalty: $9 million civil penalty, $11.6 million disgorgement, $2.4 million interest

The SEC found that Voya failed to disclose conflicts of interest when recommending more expensive mutual fund share classes, failed to disclose revenue-sharing arrangements, and steered clients into lower-yielding money market funds that benefited the firm financially.

 Data Breach Leads to $1 Million SEC Fine

Date: September 27, 2018
Issue: Cybersecurity failures affecting 5,600 customers
Penalty: $1 million fine, censure, and independent consultant engagement

Hackers gained access to client account documents and personal information by impersonating Voya advisers. Weak internal procedures enabled unauthorized access to sensitive data.

 Supervisory Failures in Variable Annuity Sales

Date: November 2, 2016
Penalty: $2.75 million fine and investor restitution
Voya failed to supervise the sale of L-share variable annuities, which were often paired with long-term income riders—raising suitability concerns. The firm lacked systems to flag inappropriate sales or exchanges and failed to adequately train representatives.

 Overcharges and Supervisory Deficiencies in Alternative Investments

Date: July 20, 2015
Penalty: $325,000 fine and $41,853 in restitution

Voya failed to apply volume discounts for 10 transactions involving non-traded REITs, BDCs, and UITs. The firm also lacked adequate supervisory systems to ensure fee discounts were properly applied.

Broker Misconduct and Customer Complaints

Broker-dealers like Voya Financial are responsible for supervising their financial professionals and may be liable for client losses if they fail to do so.

 Education Misconduct – CE Fraud

Date: January 24, 2024
Multiple Voya representatives were suspended and fined for falsely certifying they had completed required continuing education (CE) courses for insurance license renewal in New York. In reality, others completed the training on their behalf, violating FINRA Rule 2010.

 Voya Broker Barred: Jay Jaroensabphayanont CRD#: 5393272

Date: April 4, 2023
FINRA barred Jay Jaroensabphayanont, a former Voya advisor, after he failed to comply with an arbitration award and did not respond to FINRA’s compliance inquiries. The underlying complaint included allegations of unsuitability, negligence, and breach of fiduciary duty.

 Jim Flynn – CRD#: 3082615 69 Complaints, Over $3.5 Million Settled

Date: May 4, 2023
Jim Flynn, a former Voya Financial Advisors representative based in Greenville, SC, has been the subject of 69 investor complaints since 2013. At least 25 of these complaints were settled for more than $3.5 million. He was terminated by Voya in 2017 and barred by FINRA in 2018.

 Ashley Woodard CRD#: 4703144 – Allegations of Unsuitable Investment Recommendations

Date: 2024
Ashley Woodard, a former registered representative with Voya Financial Advisors, has been named in multiple customer complaints. Investors allege that he recommended unsuitable and illiquid alternative investments and falsified documentation. Pending claims exceed $1.4 million in requested damages.

The White Law Group Files Claim Against Voya Financial Advisors

Date: December 10, 2019
The White Law Group filed a FINRA arbitration claim against Voya on behalf of investors in Bolingbrook, IL, seeking damages of $100,000–$500,000. The claim alleged:

• Unsuitable recommendations in non-traded REITs and BDCs

• Common law fraud

• Negligent supervision

• Breach of fiduciary duty

Recovering Investment Losses with Voya Financial Advisors

If you’ve suffered investment losses with a Voya advisor, you may be entitled to recover damages through FINRA arbitration. Broker-dealers can be held responsible for the actions of their representatives if they fail to supervise them properly.

National Securities Fraud Attorneys – The White Law Group

The White Law Group is a national securities arbitration law firm with offices in Chicago and Seattle. Since 2010, the firm has handled more than 800 FINRA arbitration cases, helping investors recover losses involving:

• Unsuitable investments

• Misrepresentation

• Unauthorized trading

• Churning

• Alternative investments like REITs, BDCs, and structured products

Call 888-637-5510
Visit: www.whitesecuritieslaw.com

Frequently Asked Questions

What are common complaints about Voya Financial Advisors?

Many investor complaints involve illiquid, high-commission investments, such as non-traded REITs and BDCs, as well as allegations of unsuitable investment recommendations and failure to disclose conflicts of interest.

Can I recover losses from Voya through FINRA arbitration?

Yes. If your advisor made unsuitable recommendations or Voya failed to supervise their conduct, you may file a claim through FINRA Dispute Resolution, the forum required by most brokerage account agreements.

How can I check if my broker has complaints?

You can review a broker’s disciplinary history, employment record, and customer complaints for free using FINRA’s BrokerCheck tool at brokercheck.finra.org.