The Financial Industry Regulatory Authority (“FINRA”) reports troubling information regarding securities broker Narith Long (CRD#: 6598152, Glendale, California), who worked for Northwestern Mutual Investment Services (May 2018 to October 2019) and NYLife Securities LLC (December 2019 to December 2020).
Specifically, NYLife Securities disaffiliated with Narith Long because of him allegedly violating its trading policy. In addition, two investor disputes involve allegations against Long. The investor disputes allege that he engaged in wrongful sales practices. Let’s take a closer look at these disclosures.
Evidently, securities firm NYLife Securities disaffiliated with Long in December of 2020. Specifically, NYLife Securities accused Long of unauthorized securities transactions and unauthorized activities. Supposedly, Long asked his clients at NYLife Securities to open accounts with him somewhere else. NYLife claimed that Long traded in those clients’ accounts.
Particularly, in a November 2020 FINRA Arbitration Claim, a client contended that Narith Long caused a client’s losses by trading in an outside brokerage account. Supposedly, from August 2020 to November 2020, Long had the client move their money to an outside securities account. Allegedly, Long had discretion to manage this account. It appears that Long made bad trades which caused damages to this client. For this reason, the client demanded $217,190 in compensation to resolve this ongoing matter.
Notably, a client of NYLife Securities disputed Long’s actions in an October 2020 dispute. Specifically, the client claimed that Long traded on their behalf in an outside account. Supposedly, Long used the client’s online account to make problematic trades. For this reason, NYLife Securities opted to settle with the client through making a $17,120 payment in November 2020.
Apparently, securities broker Narith Long denies allegations of those sales practice violations that are referenced by his clients. Have you experienced investment losses by interacting with this broker? If so, reach out to Soreide Law Group at (888) 760-6552 and speak with experienced counsel concerning 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 financial advisors.
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