Kenneth Wayne Bailey of Abingdon Virginia is a former NYLife Securities LLC registered representative who is the subject of a customer initiated investment related written complaint on December 1 2016 in which the customer sought damages estimated to exceed five thousand dollars supported by allegations that the customer was misled concerning his replacement of variable annuities with three fixed annuity contracts.
The customer was apparently not apprised that he was restricted from accessing funds after switching variable annuities with the fixed annuities, or that accessing funds could cause him to be paid a reduced guaranteed income stream.
Financial Industry Regulatory Authority (FINRA) Public Disclosure confirms that on December 10, 2007, a customer filed an investment related written complaint concerning Bailey’s conduct, in which the customer alleged that Bailey made recommendations for a variable annuity to be purchased without apprising the customer about penalties associating with accessing principal from the account.
Bailey’s registration with NYLife Securities LLC was terminated on August 23, 2016.
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