Securities Broker Arieh Israel Barred By FINRA, Facing NYLife Client Complaint
Notably, FINRA barred securities broker Arieh Israel (CRD#: 6481347, New York, New York) as a securities broker to resolve allegations of misuse of investor funds. Not only that, but Israel, who worked for NYLife Securities from October 2016 to February 2020, is facing investor disputes concerning his insurance transactions. Here’s a quick rundown of the FINRA disciplinary action and the investor disputes relating to Israel.
FINRA Bars Arieh Israel For Allegedly Using Client’s Insurance Funds For Himself
Evidently, FINRA barred Arieh Israel in June 2021 to resolve allegations that he violated FINRA rules by converting a client’s funds. Supposedly, Israel took a blank, signed check from a client of NYLife. It appears that the client provided this to Israel to pay for an insurance premium. But according to FINRA, Israel made the check out to himself and placed the funds in his own account. Purportedly, Israel used the client’s funds for himself instead of the insurance premiums. Notably, FINRA stated that the client did not authorize Israel to use funds for himself. It appears that Israel did not repay the client.
Before the disciplinary action, NYLife permitted Arieh Israel to resign. The firm says it received a complaint from a client who stated that their funds were meant to reinstate a life insurance policy but went to Israel’s own benefit instead and that Israel stopped payment on a check that he sent to the client.
Israel’s NYLife Securities Client Alleges That VUL Premiums Were More Than They Agreed To
In a complaint dated May 2020, a client of NYLife Securities complained about Arieh Israel’s variable universal life insurance sales. It appears that Israel did not agree to pay the amount of VUL premiums that they were charged. Evidently, NYLife Securities resolved this matter by making a $20,354.40 payment to the client in June 2020.
Client Alleges That Arieh Israel Did Not Apply Client’s Payment To Their Policy
Also, a December 2019 dispute alleges that Arieh Israel did not apply the client’s $3,200 payment to their insurance policy. Allegedly, Israel also told the client not to cash an $8,500 check after receiving it. It seems that NYLife Securities settled the dispute, paying the client $16,453.64.
Losses By Investing Through Arieh Israel?
Apparently, securities broker Arieh Israel denies allegations of sales practice violations. Have you experienced investment losses by interacting with this broker? If so, reach out to Soreide Law Group at (888) 760-6552 and speak with experienced counsel concerning a possible recovery of your investment losses. Soreide Law Group represents clients on a contingency fee basis and advances all costs. The law firm has recovered compensation for many US clients who have experienced losses because of their securities brokers and financial advisors.