Robert Leo Luley Jr. of New York, a stockbroker registered with Madison Avenue Securities, has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity because Luley failed to respond to the regulator’s requests for information. FINRA Case No. 2018060896201 (October 24, 2023).
According to FINRA Public Disclosure, Luley was initially suspended as a stockbroker for failing to comply with the regulator’s request for information. His failure to engage with FINRA within three months of the suspension notice, either by providing FINRA those documents that it has asked for or otherwise requesting termination of the suspension, ultimately led to a permanent bar from the industry, effective from October 24, 2023.
FINRA Public Disclosure shows that Luley is referenced in nine customer initiated investment related disputes concerning his conduct while working with securities broker-dealers. On November 25, 2020, a customer initiated investment related FINRA securities arbitration claim involving Luley’s conduct was settled for $132,535.55 in damages based upon allegations that Luley overconcentrated investments, failed to conduct due diligence, made unsuitable investment recommendations, made misrepresentations and omissions of material fact, and violated securities laws in connection with the sale of alternative investments. FINRA Arbitration No. 20-01738.
On November 25, 2020, a customer initiated investment related FINRA securities arbitration claim involving Luley’s conduct was settled for $59,015.67 in damages based upon allegations that Luley made unsuitable recommendations in direct investments when Luley was associated with Madison Avenue Securities LLC. FINRA Arbitration No. 20-03448.
Luley was also referenced in a customer initiated investment related FINRA securities arbitration claim that was settled for $101,732.98 in damages based upon allegations that Luley provided unsuitable advice about direct investments to the Madison Avenue Securities LLC customer. FINRA Arbitration No. 20-02524 (November 25, 2020).
On November 25, 2020, a FINRA securities arbitration claim involving Luley’s conduct was settled for $66,180.93 in damages. The claim alleged that Luley made unsuitable recommendations concerning alternative investments.
On July 19, 2021, another FINRA securities arbitration claim about Luley was settled for $30,000.00 in damages based on the allegation that Luley made an unsuitable recommendation in GPB products. FINRA Arbitration No. 20-02215.
On April 12, 2022, a customer initiated a securities arbitration claim involving Luley’s conduct was settled for $35,000.00 in damages based on alleged unsuitable advice by the stockbroker concerning non-traded real estate investment trusts for the customer’s account. FINRA Arbitration No. 21-02508.
On May 1, 2023, a different customer initiated investment related FINRA securities arbitration claim involving Luley’s conduct was settled for $30,609.70 in damages based on allegations that Luley made unsuitable recommendations in direct investments. FINRA Arbitration No. 22-00671.
On September 29, 2023, another customer initiated FINRA securities arbitration claim related to Luley’s actions was settled for $11,592.70 in damages. The claim alleged unsuitable recommendations in direct investments by Luley. FINRA Arbitration No. 22-00506.
Luley was associated with Madison Avenue Securities LLC in Clover, South Carolina from June 20, 2014, to November 16, 2018, and Pruco Securities LLC in Charlotte, North Carolina from May 15, 2020, to March 8, 2022. He was discharged from Puco Securities because of failing to amend his Form U4 in a timely manner to disclose customer complaints initiated at Madison Avenue Securities.
