Arieh Israel of New York, New York, a stockbroker formerly registered with NYLife Securities, has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity supported by findings that Israel misappropriated customer funds. Letter of Acceptance Waiver and Consent No. 2020065370301 (June 23, 2021).
According to the AWC, on June 22, 2019, Israel received a check from a customer that was meant for premium payments on a life insurance policy. Israel put the customer’s check in his own account instead of using those funds for the customer’s policy. Israel was not authorized by the customer to use funds for himself. The customer has also not been repaid, according to the regulator. Israel violated Rule 2010 for the conversion of the customer’s funds.
Israel is identified in a customer initiated investment related written complaint which was settled for $20,354.40 on June 24, 2020, based upon accusations of the customer having to pay more in premiums than they agreed to pay when their variable universal life insurance policy had been established in 2017 through NYLife Securities.
Israel was permitted to resign from NYLife Securities on February 7, 2020, founded on allegations of a customer complaining about Israel’s misuse of the customer’s check.
