Marlyn Leroy McClain (also known as Marylou Leroy McClain), of Elkhorn, Nebraska, a stockbroker currently registered with NYLife Securities, is the subject of a customer initiated investment related FINRA securities arbitration claim where the customer requested compensation founded on allegations of unsuitable investment recommendations by McClain regarding the purchase of variable universal life insurance policies and recommendations to borrow against those policies. Financial Industry Regulatory Authority (FINRA) Arbitration No. 21-01918 (July 27, 2021). According to the claim, the customer was placed into policies that did not align with their goals of income and growth.
McClain has been identified in three more customer initiated investment related disputes regarding accusations of his wrongdoings when he was employed by securities broker dealers, including NYLife Securities. FINRA Public Disclosure shows that McClain is referenced in a customer initiated investment related civil action which was settled for $120,000.00 in damages based upon allegations of McClain’s failure to disclose information relating to insurance products. The civil action also alleges that the customer was advised to buy an unreasonable amount of life insurance.
Another customer initiated investment related complaint regarding McClain’s conduct was resolved for $71,207.18 in damages founded on accusations of misrepresentation by McClain at NYLife Securities regarding the customer’s purchase of a VUL policy.
McClain is also identified in a customer initiated investment related written complaint that was settled on May 14, 2018, for $70,000.00 in damages based upon allegations of an unsuitable survivorship VUL policy transaction given the customer’s net worth and age.
McClain has been registered with NYLife Securities LLC since October 29, 1982.