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Insatiable Appetite for Commissions Drives Broker – Claim Alleges


Ft. Lauderdale, Fl. – NYLIFE Securities LLC, a registered broker-dealer, and wholly owned subsidiary of New York Life Insurance Company is facing a claim for damages from the parents of two young children.

The claim, filed with FINRA on behalf of the couple by the law firm of attorney Mark A. Tepper, alleges that the broker recommended ten (10) variable annuities that were approximately 30% of the [Claimant’s] portfolio with Respondent. “All Respondents’ variable annuity recommendations were unsuitable and clearly motivated by the broker’s insatiable appetite for commissions,” the Claim alleges.

The Claim further alleges that the broker omitted to disclose that a large portion of the annuities would be invested in high fee proprietary Mainstay funds.

“Respondent and its broker recommended an unsuitable strategy with a complex and confusing, high fee structure in more than thirty (30) accounts that included over concentration in unsuitable variable annuities, invested in proprietary funds with superfluous money managers,” the Claim contends.

The Mark A. Tepper law firm is continuing its investigation into alleged claims against brokerage firms for unsuitable recommendations. The firm recently announced FINRA Arbitration Awards in separate claims for damages. Each of the claims was upheld by a FINRA arbitrator in favor of clients who had Linn Energy or BreitBurn investments. “Investors who believe they’ve been the victims of stockbroker fraud should always investigate their legal rights to determine the merits of potential claims,” Mr. Tepper said.

For a free case evaluation from the Mark A. Tepper law firm, email attorney Mark Tepper at askmark@marktepper.com or call 954-961-0096.

About Mark A. Tepper, P.A. (www.MarkTepper.com)
Attorney Mark A. Tepper is the former Chief Trial Counsel at the New York Attorney General’s Bureau of Investor Protection and Securities. He has earned the reputation of “Investor Advocate” while practicing law for over 35 years representing individual investors. FINRA arbitrators have upheld stockbroker fraud claims filed by Mr. Tepper against many brokerage firms. A member of the Florida, New York and California Bars, Mr. Tepper is peer-reviewed for 17 consecutive years, AV PREEMINENT® for ethical standards and legal ability, the highest rating of lawyers in the Martindale-Hubbell Law Directory.

Mark Hopkinson, NewsMark Public Relations
561-852-5767 mhopkinson@newsmarkpr.com