Clifford Dexter Marks is a former registered representative of NYLife Securities LLC who has been terminated on June 17, 2016 amid an internal investigation into allegations of Marks placing transactions in customer accounts that were not suitable and executing an unapproved customer loan transaction and withdrawal from a customer’s account.
Financial Industry Regulatory Authority (FINRA) Public Disclosure reveals that since Marks’ termination, he has been referenced in eleven additional customer initiated investment related disputes containing accusations of his improper conduct during the time he was associated with NYLife Securities. Specifically, on September 14, 2016, a customer initiated investment related complaint involving Marks’ conduct was settled for $46,854.19 in damages founded on allegations that the customer was placed into a term life insurance policy and variable universal life insurance policy that the customer never requested.
On February 7, 2017, a customer investment related written complaint regarding Marks’ activities was settled for $8,419.11 supported by allegations that Marks placed the customer in insurance policies without having informed the customer about the terms and conditions of the policies. On February 8, 2017, another customer initiated investment related written complaint that pertained to Marks’ activities was resolved for $43,925.66 in damages based upon accusations that the customer’s variable universal life insurance policy had been mismanaged; account documentation contained unauthentic customer signatures; and withdrawals had been executed from the customer’s individual retirement without the customer ever providing authorization.
On September 13, 2017, another customer initiated investment related written complaint regarding Marks’ activities was resolved for $37,709.31 in damages based upon allegations that the customer was induced to buy a variable annuity and multiple life insurance policies without first being apprised about the rationale of making those purchases. Thereafter, on November 3, 2017, customers filed an investment related written complaint involving Marks’ conduct in which the customers sought $78,541.25 in damages founded on accusations that insurance policies were executed by Marks without the customers’ permission, causing the customers to incur substantial losses relating to the funding of policies. The customers additionally alleged that they provided signed, but otherwise blank forms to Marks to cancel or otherwise reduce the face value of their insurance policies; however, the customers’ policies were never adjusted.
Further, on November 6, 2017, a customer filed an investment related written complaint involving Marks’ conduct where the customer requested $15,000.00 in damages founded on allegations that Marks executed loans against the customer’s life insurance policy without the customer’s consent. On December 12, 2017, another customer initiated investment related written complaint that concerned Marks’ conduct was settled for $42,666.17 in damages supported by accusations that Marks misrepresented the provisions of an insurance policy and arranged for a rollover from the customer’s 401(k) without ever informing the customer or gaining the customer’s approval beforehand.
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