MYONG WON PARK of NYLife Securities

MYONG WON PARK, is currently registered as a broker with NYLIFE SECURITIES LLC of Honolulu, Hawaii.  MYONG WON PARK has been registered with this firm since 4/14/1993. 

According to FINRA’s BrokerCheck, available to the public on FINRA’s website, MYONG WON PARK has 2 disclosures on her FINRA CRD report.  Both of the disclosures are, “Customer Disputes.”  One of the disputes was denied and the other dispute was settled. 

The settled “Customer Dispute” filed against MYONG WON PARK was dated 6/12/2024.  The allegations were, “Customer's attorney alleges that the Variable Annuity she purchased in July 2019 was not clearly understood by the customer and did not take into consideration the customer's need to access these funds.”  The settlement amount was $129,277.14.

The other “Customer Dispute” filed against MYONG WON PARK dated 6/8/2001 was denied and also involved variable annuities.

FINRA’s Rule 2330 says in part that Rule 2330 establishes sales practice standards regarding recommended purchases and exchanges of deferred variable annuities. Among the rules’ key requirements, a registered representative (broker/dealer, financial advisor), when recommending a deferred variable annuity transaction, must reasonably believe the customer has been informed of the various features of the type of annuity, such as a surrender charge, potential tax penalties, various fees and costs, and market risk.

According to FINRA Rule 2330, prior to recommending the purchase or exchange of a deferred variable annuity, a registered representative must make reasonable efforts to determine the customer’s age, annual income, investment experience, investment objectives, investment time horizon, existing assets, and risk tolerance.

FINRA’s Rule 2330 also requires firms to establish and maintain written supervisory procedures reasonably designed to comply with the rule’s standards. Firms must implement surveillance procedures to determine whether or not brokers have incidence rates of variable annuity exchanges that might show misconduct, and have policies and procedures in place to address inappropriate exchanges.

To discuss this article or any other securities issues, contact Soreide Law Group and speak to an experienced securities lawyer at no cost:  888-760-6552.

Soreide Law Group represents their clients nationwide before FINRA on a contingency fee basis, no fee to you if no recovery.