Marlyn McClain Involved In NYLife Investor Disputes

Soreide Law Group is examining potential investor disputes concerning securities broker Marlyn Leroy McClain, aka Marlyn McClain and Marylou McClain (CRD#: 325415, Elkhorn, Nebraska). Evidently, McClain joined NYLife Securities LLC as a securities broker in October 1982. Currently, BrokerCheck shows that four investors filed disputes concerning suitability and representations relating to insurance transactions. Here's a closer look at the allegations concerning McClain and how an investment loss recovery lawyer can help an investor or policyholder obtain damages stemming from a broker's sales practice violations.

NYLife Securities Client Alleges That Marlyn McClain Misled Them About Insurance, Mutual Funds

Evidently, a client of NYLife Securities LLC contested Marlyn McClain's sales practices, according to a FINRA Arbitration Claim the client filed in July 2021. Namely, the client claims that the broker misled them regarding whole life policies. Supposedly, the client purchased those whole life policies and later agreed to sell securities to generate the money to pay for the life insurance premiums. For this reason, the client asks for compensation in this ongoing matter. It appears that the client also filed a civil suit in an Iowa State Court in March 2022. This matter is ongoing.

Client Of NYLife Alleges Inappropriate Variable Universal Life Insurance Policy

Also, a NYLife Securities client disputed Marlyn McClain's sales practices concerning variable life insurance. Allegedly, because of the client's age, McClain made an inappropriate sale of a survivorship variable universal life insurance policy. For this reason, NYLife Securities opted to settle this matter without admitting liability by paying $70,000.00 to the client in May 2018.

Marlyn McClain's NYLife Securities Client Alleges Insurance Policy Misrepresentation

Notably, a client of NYLife Securities complained about Marlyn McClain in September 2011. Mainly, the client claims that McClain misrepresented facts concerning variable universal life products. It appears that the client experienced a bad result by investing in insurance and retirement products through McClain and NYLife. Because of this, NYLife Securities compensated the client in the amount of $71,207 in June 2012. McClain denies the allegations.

Client Alleges Nondisclosures Regarding Insurance Products

Moreover, a client of NYLife Securities brought a civil suit alleging that Marlyn McClain "failed to disclose" facts concerning life insurance products and financial products. Supposedly, McClain had the clients buy too much life insurance. It seems that this matter settled through NYLife Securities' payment of $120,000.00 to the client. Still, McClain denies allegations of misconduct.

Losses Through Marlyn McClain?

Did you suffer losses because of securities broker Marlyn McClain? You can get in touch with Soreide Law Group at (888) 760-6552 to chat with a helpful securities lawyer about a possible recovery of your losses. We take cases on a contingency fee basis and advance all costs. The firm has recovered considerable compensation for hundreds of United States investors who have sustained damages from securities brokers and financial advisors. Please note that McClain denies all allegations of sales practice violations.