Richard Michael Jones of Pilot Mound Iowa a stockbroker formerly employed by NYLife Securities LLC has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon allegations that Jones failed to comply with FINRA’s request for his information. Case No. 2016052252801 (June 23, 2017).
FINRA Public Disclosure reveals that Jones’ non-cooperation initially resulted in a suspension. FINRA reportedly issued Jones a Notice of Suspension on March 20, 2017. FINRA then placed Jones in a suspended status on April 13, 2017. Jones was warned by FINRA that he was required to comply with FINRA’s request or otherwise seek his suspension be terminated. Since Jones failed to cooperate with FINRA by a June 22, 2017 deadline, FINRA automatically barred him in all capacities.
Prior to FINRA’s disciplinary action, on November 9, 2016, a customer filed an investment related complaint regarding Jones’ conduct where the customer sought $61,501.59 in damages supported by accusations that Jones misrepresented the rate of return that the customer would receive by purchasing a variable annuity — the customer was led to believe that the annuity would at least generate four percent returns, which did not happen.
Jones’ registration with NYLife Securities LLC has been terminated as of August 2, 2016.
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