Written by The White Law Group• January 21, 2019• 3:17 pm• Blog, Securities Fraud Articles

FINRA Claim Filed against NYLIFE

Press Release: The White Law Group files a FINRA Claim against NYLIFE Securities alleging unsuitable investments in Future Income Payments & Woodbridge.

The FINRA claim was filed on January 4, 2019 by The White Law Group and submitted on behalf of an Indiana resident alleging claims for violation of common law fraud, breach of fiduciary duty, negligence, and negligent supervision.

The claim further alleges that NYLIFE Securities, LLC unsuitably invested the client in the following high-risk investments:

Future Income Payments (FIP, LLC)
Woodbridge Promissory Notes

The claim seeks damages between $100,000 and $200,000.

Before recommending an investment, a broker-dealer has a fiduciary duty to adequately disclose the risks involved in the investment and to perform the necessary due diligence to determine whether the investment is suitable for the investor.

It is alleged NYLIFE Securities, LLC failed to perform the necessary due diligence on these investments prior to recommending them to these particular investors.

It is further alleged that the financial advisor that handled the accounts at issue is Joel Flaningan. According to the Financial Industry Regulatory Authority, Flaningan has been the broker of record for at least 3 customer disputes for similar allegations, and is currently suspended from working in the securities industry.

“We believe there are many more investors who have suffered losses in Future Income Payments and Woodbridge who just don’t realize they have recourse,” said D. Daxton White, managing partner of The White Law Group, a national securities fraud, securities arbitration, investor protection and securities regulatory/compliance law firm with offices in Chicago, Illinois and Vero Beach, Florida.

“Brokerage firms are required to supervise their advisors to ensure that they are complying with FINRA rules. If it can be determined that the financial advisor violated FINRA rules and the employers failed to adequately supervise him, these firms can be held responsible for any resulting losses in a FINRA arbitration claim.”

FINRA Dispute Resolution is an arbitration venue for investors with claims against their brokerage firm or financial professional. It provides investors with an opportunity to attempt to recoup their investment losses without filing such claims in court.

The White Law Group, LLC is a national securities fraud, securities arbitration, investor protection, and securities regulation/compliance law firm with offices in Chicago, Illinois and Franklin, Tennessee.