Dan Jossen Barred, Focus Of NYLife Investor Disputes

FINRA Bars Broker Dan Jossen, And Investors File Disputes About His Life Insurance, Annuity Sales

The Financial Industry Regulatory Authority (FINRA) declared on June 25, 2021 that it has barred securities broker Daniel “Dan” E. Jossen (CRD#: 5463761, Bethesda, Maryland) – the NYLife Securities broker – over allegations of Jossen’s sales practice violations. Not only that, but five investors filed disputes about the securities broker. These investment disputes contain allegations of the securities broker’s misrepresentations or misleading statements. Further, NYLife permitted him to resign amid misconduct allegations. Here’s more on these disclosures.

FINRA Bars Dan Jossen Because Of Misconduct During An Investigation

First of all, FINRA barred Dan Jossen in June 2021 to resolve allegations of his refusal to answer to FINRA’s requests during an investigation. It appears that when NYLife Securities notified FINRA about terminating Jossen, FINRA investigated the circumstances and wanted more information from the securities broker but to no avail.
Specifically, NYLife Securities claimed that Dan Jossen solicited business where he was not licensed. The firm also claimed that the securities broker misrepresented variable products. Finally, he supposedly held unauthorized account information for an outside financial account.
Brokers such as Dan Jossen are responsible for complying with FINRA requests when under investigation. Failure to comply with FINRA often means a bar from the securities industry. In Jossen’s case, he did not respond to an April 2021 FINRA investigation request. Later, in June 2021, the securities broker confirmed his refusal to cooperate with FINRA, violating Rules 2010 and 8210. Nearly all major securities firms are FINRA-member firms, so this bar means that he cannot associate with any of those firms as securities broker or in other capacities.

NYLife Securities Client Alleges To Have Been Misled By Jossen Regarding Insurance

Evidently, a client of NYLife Securities came forward to contest Dan Jossen’s sales practices. Namely, the March 2021 dispute focuses on Jossen supposedly misleading the client about the variable universal life insurance policy that they purchased from him in February 2018. For this reason, the client demands relief in this ongoing matter.

Dan Jossen Accused Of Misleading Client Into Purchasing Variable Life Insurance

Notably, a second client of NYLife Securities came forward with a dispute about Dan Jossen in February 2021. Similar to the first dispute mentioned, this client alleges that Jossen misled the client regarding a variable universal life insurance policy. It appears that by investing in this product, the client’s funds became inaccessible. In addition, the client claimed that they cannot afford the premiums on the insurance product. Because of this, NYLife Securities opted to settle with the customer through making a $16,555.35 payment in April 2021.

Misrepresentation Alleged In NYLife Securities Investor’s Dispute

In a September 2020 dispute on Dan Jossen’s FINRA BrokerCheck record, a client claimed that the securities broker misrepresented a variable annuity. Supposedly, Jossen told the client that there was a no-loss guarantee over 15 years, and that by investing in this annuity, the client would save $12,000 per year in costs. Notably, the client alleged that they were potentially overcharged and had suffered market loss. This matter settled in January 2021 through NYLife Securities paying the client $300,000.

Losses From Investing Through Securities Broker Dan Jossen?

Apparently, Dan Jossen denies allegations of his sales practice violations. Have you incurred losses by investing with this securities broker? If so, touch base with Soreide Law Group at (888) 760-6552 and speak with a knowledgeable securities lawyer about 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 millions of dollars for clients who have experienced losses because of their securities brokers and their financial advisors.