Karley Carto of Johnston Rhode Island a former registered representative of NYLife Securities LLC is referenced in a customer initiated investment related written complaint on March 19, 2018 where the customer requested $62,370.00 in damages supported by allegations that the customer was misled in regard to two variable annuities that the customer was placed in.
Financial Industry Regulatory Authority (FINRA) Public Disclosure reveals that Carto has been identified in three more customer initiated investment related disputes containing accusations of Carto’s violative conduct while employed by NYLife Securities LLC. Particularly, on December 8, 2015, a customer brought an investment related complaint pertaining to Carto’s activities in which the customer sought $126,951.37 in damages founded on allegations that the customer was not apprised of surrender penalties that would be assessed upon the customer’s transfer of an existing annuity balance into a new annuity offered through New York Life; misrepresentations had been made concerning the terms and conditions of the annuity; and the customer was placed into an annuity that was not suitable.
Thereafter, on March 10, 2016, a customer initiated investment related complaint regarding Carto’s activities was settled for $19,634.73 in damages based upon accusations that omissions were made in reference to surrender penalties that would be assessed to the customer upon terminating a contract. Further, on February 3, 2017, a customer initiated investment related complaint concerning Carto’s conduct was resolved for $1,250,000.00 in damages based upon allegations that variable annuity investment recommendations made to the customer were not suitable, where the customer was inappropriately advised to liquidate an annuity and buy another annuity which failed to conform to the customer’s investment objectives.
Carto’s registration with NYLife Securities LLC was terminated on September 10, 2015. Since May 11, 2017, he has been registered with MML Investors Services, LLC.
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