Marc Anthony Last of Berwyn Pennsylvania a stockbroker formerly registered with NYLife Securities LLC has been charged by Financial Industry Regulatory Authority (FINRA) in a Complaint alleging that he converted a customer’s funds from the customer’s variable annuity. Department of Enforcement v. Marc Anthony Last Disciplinary Proceeding No. 2016052434001 (Sept. 17, 2018).
According to the Complaint, in March of 2016, a NYLIFE Flexible Premium Variable Annuity III had been sold by Last to customer JP. Customer JP apparently paid $76,475.36 to fund the annuity by way of a rollover from the customer’s former broker-dealer. The Complaint stated that Last then executed a $5,000.00 withdrawal from JP’s annuity by forging the signature of the customer on an Annuity Corporation withdrawal form, directing the transfer of JP’s money into an account owned by Last. Consequently, FINRA alleged that Last’s conduct was violative of FINRA Rules 2010 and 2150.
FINRA Public Disclosure reveals that Last is referenced in six customer initiated investment related disputes pertaining to accusations of his misconduct while employed with NYLife Securities LLC.
For example, on April 11, 2017, a customer initiated investment related complaint regarding Last’s conduct was settled for $13,682.01 in damages founded on allegations that the customer did not authorize the transfer of funds from the customer’s account for payment of a variable life insurance policy’s premiums.
On August 8, 2018, another customer initiated investment related complaint involving Last’s activities was settled to resolve accusations that Last submitted applications for customers without their permission.
Last was discharged from NYLife Securities LLC on November 11, 2016 based upon allegations that he failed to witness documents signed by customers concerning traditional life insurance transactions.
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