Michael Andrew Norman of Reno Nevada a former NYLife Securities LLC registered representative has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that Norman failed to cooperate with FINRA in an investigation into allegations of him engaging in an unapproved customer loan arrangement. Letter of Acceptance Waiver and Consent No. 20180588843-01 (Nov. 30, 2018).
According to the AWC, on or about November of 2018, an investigation had been launched by FINRA into accusations of Norman loaning a customer money to buy securities. The AWC stated that on November 9, 2018, Norman had been sent a request from FINRA, under Rule 8210, which called upon Norman to provide FINRA with information and documentation in regard to the purported loan arrangement. FINRA expected Norman to furnish that information and documentation by November 23, 2018.
The AWC stated that Norman responded to FINRA on November 13, 2018, revealing that he understood what FINRA asked of him; however, he also stated to FINRA that he would not be providing any information or documentation to FINRA at any point. The AWC stated that Norman ultimately refused to cooperate in FINRA’s investigation. Consequently, FINRA found Norman’s conduct violative of FINRA Rules 2010 and 8210.
FINRA Public Disclosure confirms that on October 23, 2018, a customer initiated investment related complaint was settled for $92,000.61 in damages founded on allegations that Norman made misrepresentations to the customer in regard to the rates of return on mutual fund investments; gave the customer advice regarding a mutual fund trade; and omitted information from the customer regarding investment related fees.
Norman’s registration with NYLife Securities LLC was terminated on June 25, 2018.
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