Daniel Patrick Mullan of Melville New York a stockbroker formerly employed by NYLife Securities LLC has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity supported by accusations that he failed to furnish information to FINRA concerning his sales practices. Case No. 2016048799901 (Sept. 18, 2017).
FINRA Public Disclosure reveals that Mullan is referenced in eight customer initiated investment related disputes pertaining to allegations of his misconduct while employed with NYLife Securities LLC, Raymond James Financial Services, Inc., and Wells Fargo Advisors Financial Network LLC. Particularly, on June 26, 2006, a customer filed an investment related complaint involving Mullan’s activities where the customer requested $50,000.00 in damages based upon accusations that Mullan failed to follow the customer’s instructions concerning options investments.
On December 4, 2008, another customer filed an investment related complaint involving Mullan’s conduct in which the customer sought $24,017.01 in damages founded on allegations that unauthorized transactions were effected in the customer’s account. Thereafter, a customer filed an investment related arbitration claim involving Mullan’s activities in which the customer requested $500,000.00 in damages supported by accusations that contractual obligations to the customer had been breached, the customer’s instructions were disregarded, fiduciary duties were not abided by, and the customer’s account was handled in an unprofessional manner.
Thereafter, on April 4, 2016, a customer initiated investment related complaint concerning Mullan’s conduct was settled for $144,866.62 in damages based upon allegations that unauthorized mutual fund purchases and sales had been effected in the customer’s account. On May 3, 2016, another customer initiated investment related complaint regarding Mullan’s activities was resolved for $18,070.04 in damages founded on accusations of unauthorized mutual fund transactions having been executed in the customer’s account, and Mullan’s failure to set up distributions from the customer’s individual retirement account.
Then, on May 11, 2016, a customer initiated investment related complaint involving Mullan’s conduct was settled for $120,465.56 in damages supported by allegations that the customer was poorly advised in reference to surrendering a variable annuity for the purchase of a fixed annuity; the investment was not appropriate given the customer’s objectives for investing. Moreover, the customers alleged that omissions had been made concerning the charges assessed on brokerage transactions, and that transactions were placed without the customer’s permission.
In addition, on September 27, 2016, a customer filed an investment related complaint concerning Mullan’s conduct where the customer sought damages estimated to exceed $5,000.00 based upon accusations that Mullan failed to allocate the customer’s variable annuity in conservative investments according to an agreed upon investment strategy. Then, on February 17, 2017, a customer initiated investment related complaint regarding Mullan’s activities was resolved for $43,304.14 in damages founded on allegations that Mullan made omissions with respect to the liquidity risks of variable annuity products, and sold the customer annuity products that failed to address the customer’s objectives for investing.
Mullan was discharged by NYLife Securities LLC on January 14, 2016 supported by accusations that he effected unsuitable sales of investment and insurance products.
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