NYLife Securities Complaints: Regulatory History Overview 

NYLife Securities Review – Regulatory Actions & Customer Complaints

The White Law Group reviews the regulatory history of NYLife Securities and its financial professionals.

NYLife Securities LLC (CRD#: 5167 / SEC#: 8-15517), based in New York City, is a FINRA-registered broker-dealer and a subsidiary of New York Life Insurance Company, one of the largest insurers in the United States. The firm reportedly has 20 disclosure events, including 13 regulatory events and 7 customer arbitrations, according to FINRA’s BrokerCheck.

Regulatory Actions Involving NYLife Securities

October 2021 – FINRA Censures & Fines NYLife

FINRA fined NYLife Securities $200,000 and ordered $63,347 in restitution for failing to supervise short-term mutual fund trades involving Class A shares. The firm allegedly failed to reasonably investigate a representative whose excessive trading activity caused $175,000 in unnecessary sales charges, resulting in $116,000 in commissions.

November 2019 – FINRA Sanction for Mutual Fund Supervision Failures

FINRA sanctioned NYLife with a $250,000 fine and restitution of over $76,600 for failing to supervise sales of high-risk mutual funds. The firm had already paid $1.1 million in prior restitution and faced $1.4 million in total losses for 28 affected customers.

January 2019 – FINRA Claim Filed by The White Law Group

The White Law Group filed a FINRA arbitration claim against NYLife Securities for unsuitable investment recommendations involving Future Income Payments and Woodbridge promissory notes. The claim sought damages between $100,000 and $200,000, alleging fraud, breach of fiduciary duty, negligence, and failure to supervise.

Broker Misconduct Involving NYLife Financial Professionals

NYLife Securities has employed a number of brokers who have faced serious regulatory issues and customer complaints. Here are some of the more significant cases:

• Ashley Charles Woodard (CRD#: 4703144)
  19 disclosures, including multiple customer disputes exceeding $1 million
  Allegations include unsuitable alternative investments and altering account documents
  Last registered with NYLife in 2020 and no longer licensed
• Ronald Coy “Buddy” Bailey Jr. (CRD#: 6270312)
  7 disclosures, including customer complaints for misrepresentation
  Sanctioned by FINRA in Sept. 2022 for undisclosed private securities transactions and outside business activities
  Fined $15,000 and suspended for 12 months
• Jeffrey Arthur Perryman (CRD#: 2019969)
  Barred by FINRA in October 2024 for refusing to provide information in an investigation
  8 disclosures, including a $2.4 million pending dispute involving excessive insurance sales and advisory fees
• Fernando Corcuchia (CRD#: 5394734)
  Barred by FINRA in April 2024 after refusing to testify about policy violations
  Terminated by NYLife in 2023 for submitting unauthorized applications and using personal bank accounts as client accounts
• Marcus Kovac Moon (CRD#: 6710986)
  Barred by both FINRA and the SEC in 2023 for operating an unregistered entity, Increase Financial, and unauthorized securities activity
  Accused of misleading investors and causing $31,800 in losses
• Daniel E. Jossen (CRD#: 5463761)
  Barred by FINRA in June 2021 for failure to cooperate in a probe related to misrepresenting variable products and unlicensed solicitation
  7 disclosures, including complaints for misrepresentation of annuities and life policies

Additional Broker Complaints

• Felix S. Chu (CRD#: 2427593)
  Barred by FINRA in August 2021
  Allegedly involved in a promissory note scheme involving 15 investors and over $8 million in losses
  Affiliated with NYLife in Pleasant Hill, CA for 24 years

SEC Charges Against Marcus Moon

In April 2023, the SEC charged Moon with misrepresentation and unlicensed brokerage activity targeting investors of faith. He allegedly accessed investor accounts and made trades, causing significant losses while collecting fees without firm authorization.

Can Investors Sue NYLife Securities?

Yes. Brokerage firms such as NYLife Securities can be held liable for failing to supervise their financial professionals. If a broker violates securities laws or makes unsuitable investment recommendations, the firm may be responsible for your losses through FINRA arbitration.

The White Law Group has represented hundreds of investors in claims involving unsuitable investments, misrepresentation, selling away, and broker fraud. We may be able to help you recover your investment losses.

Call The White Law Group today at 888-637-5510 for a free consultation.
With offices in Chicago, IL and Seattle, WA, The White Law Group represents investors nationwide in FINRA arbitration.

FAQs – NYLife Securities Complaints

1. What types of complaints have been filed against NYLife Securities brokers?

Complaints include unsuitable investment recommendations, fraud, misrepresentation, selling away, and unauthorized outside business activities. Many of these have resulted in customer settlements or FINRA/SEC sanctions.

2. Can I file a FINRA arbitration claim against NYLife Securities?

Yes. If your broker was registered with NYLife Securities at the time of misconduct, you may be eligible to file a FINRA arbitration claim to recover your losses. The process is often faster and more efficient than a class action lawsuit.

3. How can The White Law Group help me recover losses from NYLife Securities?

Our firm can assess your case, file your FINRA claim, and represent you in arbitration. With over 700 FINRA cases handled and 30+ years of securities law experience, we work to maximize recovery for wronged investors.