NYLIFE Investors Complain About Michael Damon

Investors possibly experienced losses because of securities broker Michael Thomas Damon [CRD: 4501030, Medway, Massachusetts], according to disclosures on the Financial Industry Regulatory Authority (FINRA) BrokerCheck. Evidently, Michael Damon joined NYLIFE Securities LLC in 2002 and Damon Financial LLC in 2016. Continue reading to learn more about Michael Damon’s disclosures and what steps affected investors can take.

NYLIFE Securities LLC Investor Accused Damon Of Unsuitable Recommendations

Particularly, on October 24, 2023, a NYLIFE Securities LLC client filed a complaint about Michael Damon. The client alleged that Damon recommended variable annuities that were not suitable given her financial situation. Because of this, the client allegedly sustained damages. As a result, the client requested damages in compensation from NYLIFE Securities LLC or Damon. The firm denied this complaint.

NYLIFE Securities LLC Client Complains About Omissions By Michael Damon

On December 22, 2017, NYLIFE Securities LLC received a written complaint from a client concerning a variable annuity purchased on October 30, 2017. The client alleged that Damon failed to adequately disclose the surrender charges associated with withdrawing money from an annuity. For this reason, the firm settled the matter, without admitting liability, for $7,027.18 in damages.

Client Complaint Concerned Alleged Nondisclosures Of Rider Fees

On September 27, 2013, a client filed a written complaint with NYLIFE Securities LLC alleging that Damon did not inform him of rider fees when he purchased his variable annuity. The client expressed dissatisfaction with the management of his retirement portfolio and complained about omissions relating to rider fees. The firm settled this complaint by compensating the customer in the amount of $20,912.86.

Did You Sustain Losses Because Of Securities Broker Michael Damon?

Have you experienced losses because of any sales practice violation by financial advisor / securities broker Michael Damon? If so, get in touch with Soreide Law Group online or at (888) 760-6552 so you can talk to a securities lawyer about your legal options. Soreide Law Group has recovered losses for investors throughout the United States, represents investors through contingency fees, and advances all costs. Damon and brokerage firms Damon worked for deny any allegations of sales practice violations.