Sudesh Kumar Jain of Dayton Ohio a stockbroker currently registered with NYLife Securities LLC is the subject of a customer initiated investment related written complaint which was resolved for $11,487.91 on January 9, 2019 founded on accusations that (1) the customer was placed into a variable annuity that failed to align with the customer’s financial circumstances or objectives for investing (2) an unauthorized NYLife representative impersonated the customer to effect investment transactions and (3) the customer was given false information about the returns to be generated on the variable annuity.
Financial Industry Regulatory Authority (FINRA) Public Disclosure reveals that Jain is referenced in five more customer initiated investment related disputes pertaining to allegations of his violative conduct during the time that he was associated with NYLife Securities LLC. Particularly, on July 10, 2011, a customer initiated investment related complaint regarding Jain’s conduct was settled to resolve accusations that Jain failed to discuss the features, conditions and terms pertaining to variable universal life insurance policies which had been purchased by the customer.
Subsequently, on August 19, 2013, a customer filed an investment related complaint involving Jain’s activities where the customer sought damages estimated to exceed $5,000.00 based upon allegations that the customer was placed into a variable life insurance policy that was not appropriate for the customer; and misrepresentations were made to the customer concerning the amount of additional premium payments needed to be made by the customer to keep the policy afloat. Then, on September 27, 2016, a customer initiated investment related complaint concerning Jain’s activities was resolved for $23,429.23 in damages supported by accusations of false or misleading statements being made in regard to the use of the customer’s mutual fund investments to fund premiums requirements on a variable universal life insurance policy purchased by the customer.
Thereafter, on May 16, 2016, a customer initiated investment related complaint regarding Jain’s conduct was settled for $19,606.80 in damages founded on allegations that Jain made misleading statements to the customer when recommending life insurance products, and placed the customer into a variable universal life insurance policy contrary to the customer’s expectations. Subsequently, on May 15, 2018, a customer initiated investment related complaint involving Jain’s activities was resolved for $28,244.93 in damages based upon accusations that the customers were provided misleading information about their variable annuity and variable life insurance policies; and unauthorized loans were taken out of the customer’s fixed annuity products.
Jain’s registration with NYLife Securities LLC was terminated on April 4, 2016. Since August 9, 2017, he has been employed by MML Investors Services, LLC.
