Tilak J. Shah (also known as Tilak Shah), of Boston, Massachusetts, a stockbroker registered with NYLife Securities, has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity because Shah failed to cooperate with a FINRA investigation concerning his life insurance sales practices. Letter of Acceptance, Waiver, and Consent No. 2022074240001 (January 9, 2024).
Shah had been permitted to resign from NYLife Securities after the securities broker dealer did a review of his business practices, revealing his payment of customers’ life insurance premiums and submission of applications with wrong customer details.
On December 21, 2023, in connection with an investigation into Shah’s conduct at NY Life Securities, FINRA requested his testimony. Shah, through his lawyer, communicated his decision not to comply with this request. By refusing to testify, Shah breached FINRA Rules 8210 and 2010.
Shah was associated with NYLife Securities LLC in Boston, Massachusetts from January 2022 to March 1, 2022.
