Timothy Jay Fazzone (also known as TJ Fazzone), of Dublin, Ohio, a stockbroker registered with NYLife Securities LLC, has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity because Fazzone converted a customer’s funds. FINRA Enforcement (AWC) No. 2019064698601 (Aug. 2, 2022).
According to the AWC, in June 2018, during the time that he was associated with NYLife Securities LLC, Fazzone converted $5,775.00 from a customer’s estate by wrongfully receiving reimbursement for a commission that he was not supposed to retain. Specifically, in December 2017, a firm customer of Fazzone purchased a fixed annuity issued by NYLife in the amount of $177,715.00. Fazzone earned a commission in the amount of $5,775.00 on the sale. However, in April 2018, the customer died, and in June 2018, Fazzone submitted a claim against the estate for the commission as he claimed that NYLife had reversed the payment of the commission. The customer’s estate paid Fazzonne $5,775.00, however, NYLife had never reversed or charged back Fazzone the commission at any time, making Fazzone’s claim against the estate wrongful. As a result, Fazzone violated FINRA Rule 2010.
FINRA Public Disclosure shows that on November 14, 2019, a customer initiated investment related FINRA securities arbitration claim involving Fazzone’s conduct was settled for $33,500.00 in compensatory damages based upon allegations that Fazzone committed sales practice violations with regard to the recommendation and sale of fixed annuities and variable annuities when Fazzone was associated with NYLife Securities LLC.
Timothy Fazzone was associated with Equity Services Inc. from August 1, 2018 to November 2, 2020.
