William Bradley Humbarger, of Sunflower County, Mississippi, a stockbroker associated with NYLIFE Securities LLC, was the subject of a customer initiated investment related civil action that was settled for $120,000.00 in damages. The customer claimed that Humbarger provided unsuitable investment advice and inaccurate information concerning the customer’s insurance policy when Humbarger was associated with NYLIFE Securities LLC. Civil Action No. 2020-0165 (July 25, 2022).
Financial Industry Regulatory Authority (FINRA) Public Disclosure shows that Humbarger was referenced in three other customer initiated investment related disputes concerning his conduct while associated with securities broker dealers. On May 19, 2009, a customer filed an investment related complaint involving Humbarger’s conduct in which the customer requested $245,154.16 in damages. The customer alleged that Humbarger misrepresented the advantages and benefits of variable life insurance policies funded through traditional life insurance policies. The customer also claimed that Humbarger failed to disclose risks of insurance products when he was associated with NYLIFE Securities LLC. The complaint was denied on August 6, 2009.
Humbarger was also referenced in a customer initiated investment related civil action that was settled for $187,000.00 in damages based upon allegations that Humbarger misled the customer and failed to act in the customers’ best interest regarding insurance products when Humbarger was associated with NYLIFE Securities LLC. Civil Action No. 2020-0168 (March 15, 2022).
A different customer initiated investment related civil action against Humbarger was settled for $187,500.00 in damages based upon allegations that Humbarger failed to inform the customers that their variable universal life insurance (VUL) policies were at risk of lapsing. Humbarger also allegedly advised the NYLIFE Securities customers that no changes to their policies were necessary. Civil Action No. 2020-0344 (March 15, 2022).
Humbarger has been associated with NYLIFE Securities LLC in Indianola, Mississippi since December 19, 2000.
