Marlyn Leroy McClain of Council Bluffs Iowa a stockbroker currently employed by NYLife Securities LLC is referenced in a customer initiated investment related written complaint on May 14, 2018 where the customer sought $70,000.00 in damages supported by accusations that a variable universal life insurance contract was not appropriate for the customer given the customer’s net worth and age.
Financial Industry Regulatory Authority (FINRA) Public Disclosure confirms that McClain is referenced in two more customer initiated investment related disputes that pertain to allegations of his misconduct while employed with NYLife Securities LLC. Particularly, a customer initiated investment related civil action involving McClain’s conduct was resolved for $120,000.00 in damages founded on accusations that McClain recommended that customers allocate excessive portions of their assets in a life insurance policy, and made omissions to the customer concerning the terms and conditions of insurance products. Civil Action No. 69899 (Dec. 1, 1997).
Moreover, a customer initiated investment related arbitration claim involving McClain’s activities was settled for $71,207.18 in damages based upon allegations of misrepresentations being made to the customer concerning variable universal life insurance products purchased by the customer as part of the customer’s retirement portfolio.
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