Tyrone Pang of San Jose, California, a stockbroker registered with NYLife Securities LLC, has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that he failed to cooperate in a FINRA investigation into accusations of his improper customer account transactions. Letter of Acceptance, Waiver and Consent, No. 2017053966001 (Dec. 28, 2017).
According to FINRA Public Disclosure, Pang was fired from NYLife Securities LLC on May 14, 2015, based upon allegations that he committed violations of NYLife Securities policies by obtaining a customer’s check that had been made payable to himself for purposes of a life insurance premium payment.
The AWC stated that on December 5, 2017, FINRA requested that Pang testify in regard to accusations that he inappropriately utilized the customer’s insurance premium payments. Yet, Pang’s counsel contacted FINRA on December 6, 2017, where FINRA was informed that Pang understood the request for his information but would at no point cooperate with FINRA staff. Consequently, FINRA found that Pang’s failure to testify was conduct violative of FINRA Rules 2010 and 8210.
FINRA Public Disclosure also confirms that on September 9, 2017, a customer initiated investment related written complaint pertaining to Pang’s conduct was settled for $18,053.73 in damages supported by allegations that Pang mishandled the customer’s funds intended for the purchase of two whole life insurance policies.
Prior to Pang’s permanent bar, he was associated with MML Investor Services between March 9, 2017 and December 14, 2017.
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