Daniel E. Jossen (also known as Dan Jossen) of Bethesda Maryland a stockbroker formerly registered with NYLife Securities LLC has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity supported by findings that Jossen failed to cooperate with FINRA’s requests when he was investigated by the regulator for unauthorized transactions. Letter of Acceptance Waiver and Consent No. 2021070319901 (June 25, 2021).
According to the AWC, Jossen was terminated by NYLife Securities on February 9, 2021 based upon accusations that he misrepresented variable products and had attempted to do business in a state that he was not licensed in. The securities broker dealer also disclosed that Jossen maintained a customer’s account information for purposes of trading in outside accounts.
On March 31, 2021, Jossen was asked by FINRA to provide information and documents in response to the allegations made by NYLife Securities. Jossen’s legal counsel informed FINRA that Jossen would not be cooperating with its request. The stockbroker violated FINRA Rules 2010 and 8210 for refusing to hand over the documents or information that FINRA called for.
FINRA Public Disclosure shows that Jossen has been identified in five customer initiated investment related disputes containing accusations of his improper activities when he was associated with NYLife Securities. On September 2, 2020, a customer initiated investment related complaint concerning Jossen’s activities was resolved for $81,629.72 in damages founded on allegations of the customer being misled regarding two variable universal life insurance policies that they bought through Jossen at NYLife Securities. The complaint alleges that the customer was charged excessive brokerage fees.
Jossen is also the subject of a customer initiated investment related written complaint which was settled for $300,000.00 in damages on January 28, 2021 supported by accusations that Jossen made misrepresentations regarding a variable annuity. According to the complaint, the customer was led to believe that they would save on fees and that they would not incur a loss. The complaint also alleges that the customer had been overcharged in their managed accounts.
On March 25, 2021, another customer initiated investment related complaint regarding Jossen’s conduct was resolved for $33,553.86 in damages based upon allegations that Jossen provided unsuitable recommendations to the customer regarding their purchase of a variable universal life insurance policy in March of 2018 when Jossen was associated with NYLife Securities.
The stockbroker is referenced in a different customer initiated investment related complaint on March 25, 2021 in which the customer requested compensatory damages founded on accusations that they were misled regarding a managed account and insurance product while Jossen was associated with NYLife Securities.
Jossen is also the subject of a customer initiated investment related written complaint which was settled for $16,555.35 in damages on April 6, 2021 supported by allegations of the stockbroker misleading the customer on a variable universal life insurance policy. According to the complaint, the customer could not afford their premiums or access their funds.
Jossen was registered with NYLife Securities between June 15, 2011 and February 9, 2021.