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NYLIFE Securities LLC Broker Narith Long Accused of Selling Away

Posted on Monday, October 18th, 2021 at 6:28 pm    

NYLIFE Securities LLC

Erez Law is currently investigating former NYLIFE Securities LLC broker Narith Long (CRD# 6598152) regarding opening brokerage accounts at outside broker-dealers, also known as selling away, which allowed Long to make discretionary trades without the customer’s consent.

Long was registered with NYLIFE Securities LLC in Glendale, California from December 2019 to December 2020, when he was terminated regarding, “Mr. Long was terminated for violating company policy by engaging in unauthorized securities transactions. Mr. Long’s unauthorized activities involved him recommending consumers open brokerage accounts with a non-affiliated firm and then, using their log in information, he traded securities held in those brokerage accounts.” Previously, Long was registered with Northwestern Mutual Investment Services, LLC in Long Beach, California from 2018 to 2019.

In September 2021, FINRA indefinitely suspended Long after he failed to respond to FINRA requests for information.

Long has been the subject of six customer complaints between 2020 and 2021, according to his CRD report:

July 2021. “Claimant alleges that in early 2020, the RR advised her to open a brokerage account with an outside broker-dealer, which the RR would manage with full discretion to trade on the complainant’s behalf. The complainant further alleged the RR’s investing was aggressive and speculative in nature, and ultimately caused her to suffer losses of not less than $45,000.00 for which she seeks reimbursement.” The customer is seeking $45,000 in damages and the case is currently pending. The complaint was regarding outside business activities and took place while Long was registered with NYLIFE Securities LLC.

June 2021. “Claimant alleges that on or around May 26, 2020, the RR advised her to open a brokerage account with an outside broker-dealer, which the RR would manage with full discretion to trade on the complainant’s behalf. The complainant further alleged that based on the RR’s actions, she incurred approximately $26,000 in losses for which she seeks reimbursement.” The customer sought $26,000 in damages and the case was settled for $22,500. The complaint was regarding outside business activities and took place while Long was registered with NYLIFE Securities LLC.

June 2021. “Claimant alleges that between August 2020 and November 2020, the RR advised her to open a brokerage account with an outside broker-dealer, which the RR would manage with full discretion to trade on the complainant’s behalf. The complainant further alleged that based on the RR’s actions, she incurred approximately $34,979.66 in losses for which she seeks reimbursement.” The customer sought $34,979.66 in damages and the case was settled for $3,720.60.

May 2021. “The complainants allege that beginning in January 2019, the RR advised them to open a brokerage account with an outside broker-dealer, which the RR would manage with full discretion to trade on the complainant’s behalf. The complainant further alleged that based on the RR’s actions, they incurred approximately $80,000 in losses for which they seek reimbursement.” The customer is seeking $80,000 in damages and the case is currently pending. The complaint was regarding outside business activities and took place while Long was registered with NYLIFE Securities LLC.

November 2020. “The complainant alleged that between August 2020 – November 2020 the RR advised him to open a brokerage account with an outside broker-dealer, which the RR would manage with full discretion to trade on the complainant’s behalf. The complainant further alleged that based on the RR’s actions, he incurred approximately $217,190 in losses for which he is seeking reimbursement. On December 2, 2020, the complainant filed a FINRA Arbitration Statement of Claim seeking damages against the Firm.” The customer is seeking $217,190 in damages and the case is currently pending. The complaint was regarding outside business activities and took place while Long was registered with NYLIFE Securities LLC.

October 2020. “The complainant alleged that between August 4, 2020 – September 4, 2020 Mr. Long was selling away by trading securities on the complainant’s behalf through an outside broker-dealer using the complainant’s log in information to place the trades. The allegations included a claim for losses as a result of the trades placed by the RR in the outside brokerage account.” The case was settled for $17,120. The complaint was regarding outside business activities and took place while Long was registered with NYLIFE Securities LLC.

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 Long’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.