Jonathan M. Lo, of New York, New York, a stockbroker formerly registered with NYLife Securities LLC, has been permanently barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that he failed to cooperate with a FINRA investigation into allegations that he effected unsuitable exchanges of mutual funds in customer accounts. Letter of Acceptance, Waiver and Consent, No. 2015046501101 (May. 1, 2017).
According to the AWC, NYLife Securities disclosed to FINRA on August 7, 2015, that Lo’s registration was terminated based upon allegations that he effected switches of mutual funds in customer accounts on a routine basis, where the transactions he effected were not suitable for customers. The AWC stated that on March 1, 2017, a letter was sent from FINRA staff to Lo, based on Rule 8210, wherein Lo was called upon to provide recorded testimony in connection with FINRA’s investigation into his alleged wrongdoing.
Apparently, Lo received an extension of time to cooperate with FINRA’s request, but he was expected to make an appearance before FINRA personnel on April 18, 2017. Prior to the deadline; however, counsel for Lo informed FINRA on March 27, 2017, that Lo would at no time be providing recorded testimony for FINRA staff. Lo’s failure to cooperate in this regard led FINRA to find him in violation of FINRA Rule 2010 and 8210.
Financial Industry Regulatory Authority (FINRA) Public Disclosure reveals that between August 31, 2015, and September 18, 2015, five customer initiated investment related written complaints involving Lo’s conduct were settled for a total of $86,241.08 in damages based upon allegations that Lo effected mutual fund transactions which exposed customers to unnecessary surrender penalties and front-end sales loads.
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