Jose Luis Paula of Tampa Florida a former NYLife Securities LLC registered representative has been fined $5,000.00 and suspended from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that he attempted to settle a customer’s complaint away from New York Life.
According to the AWC, Paula was subject of a customer complaint in reference to his sales practices. Paula apparently attempted to settle this matter on May 5, 2014 by refunding the customer’s principal investment. The AWC stated that in January of 2015, a $10,000.00 check had been issued to the customer by Paula, which reflected a portion of the funds that Paula stated would be paid to the customer.
Before the customer cashed the check, Paula asked the customer to wait until Paula’s checking account was funded. That moment reportedly never came to pass — Paula failed to fund the account and no longer attempted to compensate the customer for the losses that the customer incurred.
FINRA stated that Paula failed to inform NYLife that the customer had complained about his misconduct, and never procured the firm’s consent for the customer’s complaint to be resolved by Paula. FINRA found that Paula’s conduct in this regard was violative of FINRA Rule 2010.
Financial Industry Regulatory Authority (FINRA) Public Disclosure reveals that Paula has been identified in two additional customer initiated investment related disputes containing allegations of his misconduct while employed with NYLife Securities LLC.
Specifically, on September 8, 2011, a customer filed an investment related complaint involving Paula’s conduct in which the customer requested $7,234.50 in damages based upon allegations of misrepresentation and unsuitability pertaining to the customer’s variable annuity.
Additionally, a customer initiated investment related arbitration claim involving Paula’s conduct was settled for $32,234.85 in damages based upon allegations of unauthorized stock and over-the-counter equities liquidations being effected from the customer’s account. FINRA Arbitration No. 17-02619 (Dec. 19, 2017).
Paula’s registration with NYLife Securities LLC was terminated on January 6, 2017.
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