New Hampshire Broker Fined and Suspended Over Sales of Variable Universal Life Policies (VULs)

Alan J. Becker (CRD #4870553, Bedford, New Hampshire)

was assessed a deferred fine of $46,045, including the disgorgement of commissions received for $36,045, and was suspended by FINRA for 18 months for allegedly making unsuitable recommendations to six clients in the sales of variable universal life policies (VULs) based on their financial situations.

FINRA's findings stated that Becker made inaccurate statements and failed to make disclosures regarding the risks of VULs. Becker failed to disclose his connection with a sale of a VUL to one customer, and in his recommendation to increase the face value of the VUL another customer owned.

FINRA's findings also stated that despite the fact that Becker knew a customer had not agreed to purchase a VUL, he surrendered a variable annuity that the customer already owned, and used the proceeds to purchase a VUL with a face value of $1,500,000 on the customer’s behalf.

FINRA's findings also included that Becker recorded false information on VUL policy applications for four customers regarding their net worth.
The suspension is in effect from August 18, 2014, through February 17, 2016.
(FINRA Case #2011030400501)

Alan J. Becker was previously registered with the following securities firm(s):

Registered Dates Firm
08/2011 - 06/2012 MML INVESTORS SERVICES, LLC (CRD# 10409) - BEDFORD, NH

09/2005 - 08/2011 NYLIFE SECURITIES LLC (CRD# 5167) - BEDFORD, NH

The above summation of information is from FINRA’s website listed under “Disciplinary and Other FINRA Actions, October, 2014.”

If you or a family member have become victims of insurance fraud, contact an insurance fraud attorney for a free consultation on how to recover your investment losses at 888-760-6552. Soreide Law Group will represent Insurance Fraud Victims in Federal Court, State Court and before the Financial Industry Regulatory Authority (“FINRA”).