Ceondre LaQuan Colvin, a stockbroker from Pittsburgh, Pennsylvania, associated with NYLIFE Securities LLC, was permanently barred from associating with any FINRA member firm in all capacities following a regulatory action. Financial Industry Regulatory Authority (FINRA) initiated the action after the firm disclosed allegations of “unauthorized withdrawals” from customer accounts, leading to an investigation into Colvin’s conduct. Colvin’s refusal to cooperate with FINRA’s investigation into these allegations led to a violation of FINRA Rules 8210 and 2010 and the subsequent permanent bar. Letter of Acceptance, Waiver, and Consent (AWC) No. 2024082013401.
The investigation began on May 22, 2024, when FINRA requested Colvin provide documents, information, and testimony to address a customer complaint regarding unauthorized transactions. FINRA Rule 8210 grants the authority to demand such information from individuals associated with member firms during regulatory reviews or investigations. Despite repeated requests, Colvin explicitly refused to comply. This non-cooperation constituted a direct violation of Rule 8210, which prohibits associated individuals from failing to produce requested information. Additionally, this failure violated Rule 2010, which requires individuals in the securities industry to uphold high standards of commercial honor and equitable principles of trade.
Colvin’s employment with NYLIFE Securities LLC ended on May 30, 2024, following the firm’s internal review of the alleged conduct. The review substantiated claimed that Colvin made unauthorized withdrawals from two customers’ bank accounts to pay for personal expenses. These unauthorized transactions were reported to the Pennsylvania Division of Insurance as fraudulent activity. The firm filed a Uniform Termination Notice for Securities Industry Registration (Form U5) on June 10, 2024, disclosing the termination and providing details of the allegations.
Colvin’s regulatory and employment issues coincided with several customer disputes reported during the same period. One such complaint was filed on May 13, 2024, by a customer alleging unauthorized deductions from her bank account beginning in May 2023, shortly after her spouse’s death. This claim was settled for $8,448.60 on June 7, 2024. Another customer dispute, dated March 22, 2024, involved allegations of financial mismanagement. This included claimed that the customer incurred surrender charges upon transferring a variable annuity, was misled about being invested in the stock market, and had funds improperly withdrawn from their credit union account. The customer further alleged they were unaware that a fixed annuity was irrevocable. This case resulted in a settlement of $95,549.48 on June 20, 2024.
