Investors have reportedly disputed the sales practices of securities broker Douglas Mack Farris Jr [CRD: 2973692, Dayton, Ohio], based on publicly available information on Financial Industry Regulatory Authority (FINRA) BrokerCheck. It appears that Farris has been registered with NYLIFE Securities LLC since February 11, 2004. Keep reading to learn more about disclosures involving this securities broker.
Notably, a client filed a complaint about Douglas Farris. Mainly, the client alleged that they were misled and not provided with important information about a variable universal life insurance policy. Because of this, the client allegedly incurred damages. As a result, on March 22, 2024, NYLIFE Securities LLC settled this matter by paying the client $157,912.54 in damages.
Specifically, a client of NYLIFE Securities LLC disputed Douglas Farris’s sales practices, according to a complaint. Allegedly, Farris caused the customer to incur a tax liability on a variable annuity policy. It appears that Farris allegedly caused the investor to sustain damages. Therefore, NYLIFE Securities LLC opted to settle the matter on June 1, 2011, by compensating the client in the amount of $19,672.96.
Do you have concerns or questions regarding investments you made with Douglas Farris? If so, reach out to Soreide Law Group at (888) 760-6552 or online and speak with a securities lawyer concerning a possible recovery of your investment losses. Soreide Law Group has recovered losses for investors throughout the US. Also, the firm works on a contingency fee basis and advances all costs. Farris and brokerage firms Farris worked for deny allegations of sales practice violations.
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