Michael Andrew Norman of Reno Nevada a stockbroker formerly registered with NYLife Securities LLC is referenced in a customer initiated investment related written complaint on April 18, 2019 in which the customer sought damages estimated to exceed $5,000.00 founded on accusations that the customer was placed into a variable annuity by Norman that failed to be suitable given the fees charged to the customer.
Financial Industry Regulatory Authority (FINRA) Public Disclosure confirms that Norman has been identified in two more customer initiated investment related disputes containing allegations of his violative conduct while employed with NYLife Securities LLC. Specifically, on October 23, 2018, a customer initiated investment related complaint involving Norman’s activities was resolved for $92,000.61 in damages based upon accusations that mutual fund recommendations were not suitable; and misrepresentations and omissions had been made by Norman with regard to the rate of return on mutual funds products as well as fees that would be charged to the customer.
Also, on June 17, 2019, a customer initiated investment related complaint concerning Norman’s conduct was settled for $22,818.46 in damages supported by allegations that the customer was not provided proper information concerning the surrender charges and fees which pertained to an annuity purchase; and the annuity failed to be suitable for the customer given the customer’s needs for liquidity.
FINRA Public Disclosure additionally reveals that Norman has been barred from associating with any FINRA member in any capacity founded on findings that Norman hampered a FINRA investigation into accusations of him effecting an unauthorized loan with a customer of NYLife Securities for a securities purchase. Letter of Acceptance Waiver and Consent No. 20180588843-01 (Nov. 30, 2018).
According to the AWC, Norman was instructed by FINRA personnel to furnish information and documentation in reference to the allegations of the stockbroker’s impermissible customer loan. Norman indicated on November 13, 2018 that he understood what FINRA expected from him but that he would not produce any information or documentation. FINRA determined that Norman’s failure to cooperate with the requests constituted violations of FINRA Rules 2010 and 8210.
Norman’s employment with NYLife Securities LLC has been terminated as of June 25, 2018.
