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Investigation of Former NYLife Securities LLC Broker Daniel Jossen

Posted on Tuesday, October 12th, 2021 at 1:02 am    

NYLIFE Securities LLC

There are options for customers of former NYLife Securities LLC broker Daniel Jossen (CRD# 5463761) who suffered investment losses. Jossen was registered with NYLife Securities LLC in Bethesda, Maryland from 2011 to 2021, when he was terminated regarding “Mr. Jossen was permitted to resign after it was discovered he solicited business in a jurisdiction in which he was not licensed, misrepresented the terms of variable products and maintained client log-in credentials in an outside brokerage account to process financial transactions. The company became aware of these violations upon receipt of customer complaints.”

In June 2021, FINRA barred Jossen after he “consented to the sanction and to the entry of findings that he refused to produce information requested by FINRA in connection with a Form U5 filed for him, explaining that he was permitted to resign after it was discovered he solicited business in a jurisdiction in which he was not licensed, misrepresented the terms of variable products and maintained client log-in credentials in an outside brokerage account to process financial transactions.”

Jossen has been the subject of five customer complaints between 2019 and 2021, according to his CRD report:

March 2021. “Customers allege that they were misled into purchasing a Variable Universal Life policy in February 2018. Customers seeks the opportunity to surrender the policy without surrender charges as well as a full refund of their financial planning agreement fees.” The case is currently pending. The complaint was regarding insurance and managed account losses.

February 2021. “Customer alleges that he was misled into purchasing a Variable Universal Life insurance policy where his funds are inaccessible and the premiums are unaffordable. Customer seeks a refund of all premiums paid.” The customer sought $15,305.35 in damages and the case was settled for $16,555.35.

September 2020. “Customer alleges that the RR misrepresented the terms of a variable annuity policy purchased in 2015 by advising him there was a 15 year no-loss guarantee and he would save approximately $12,000 in fees each year. The customer also questioned the fee structure of his Eagle accounts since he believes he was being overcharged. He is seeking compensation for market loss, all fees and surrender charges on his variable annuity policy and Eagle accounts. The customer also alleged that the witness’ signature on his life insurance application solicited via mail in June 2012 was not genuine [allegation added 1/11/2021].” The customer sought $414,591 in damages and the case was settled for $300,000. The complaint was regarding variable annuities, insurance, and managed accounts. 

May 2020. “Customers allege that they were misled regarding their February 2013 purchase of 2 variable universal life policies as well as excessive brokerage fees. Customers have requested a refund of premiums paid and all fees.” The customer sought $38,945.80 in damages and the case was settled for $81,629.72. The complaint was regarding insurance losses.

October 2019. “Customer alleges that she was poorly advised to purchase a VUL in March 2018 as a retirement vehicle and that following that advice has her projected to lose at least $28,000 over ten years. Customer has requested a full refund of her paid premiums.” The customer sought $26,254.39 in damages and the case was settled for $33,553.86. The complaint was regarding insurance losses.

Pursuant to FINRA Rules, member firms are responsible for supervising a broker’s activities during the time the broker is registered with the firm. Therefore, NYLife Securities LLC may be liable for investment or other losses suffered by Jossen’s customers.

Erez Law represents investors in the United States for claims against brokers and brokerage firms for wrongdoing. If you have experienced investment losses, please call us at 888-840-1571 or complete our contact form for a free consultation. Erez Law is a nationally recognized law firm representing individuals, trusts, corporations and institutions in claims against brokerage firms, banks and insurance companies on a contingency fee basis.