Prakash Verma Discharged And Involved In NYLIFE Securities Investor Dispute

Investors apparently complained about securities broker Prakash Verma (also known as Mike Panjabi, Ramprakash Panjabi, and Mike Verma) [CRD: 4760483, Leander, Texas], based on disclosures found on FINRA BrokerCheck. Evidently, Verma worked for NYLIFE Securities LLC (CRD#: 5167) from November 17, 2004, to June 2, 2025. Read on to find out more about the disclosures concerning Verma.

Mike Verma Disclosed Unauthorized Insurance Transactions Allegations By NYLIFE Securities LLC Client

Additionally, a client of NYLIFE Securities LLC disputed Prakash Verma’s sales practices, according to a complaint dated July 30, 2024. Allegedly, Verma executed life insurance policy purchases without the client’s consent in 2023. It appears that Verma allegedly caused the client to sustain damages relating to the life insurance products. Therefore, the client sought compensation from NYLIFE Securities LLC or Verma in this matter, and the case was later settled for $3,038 on September 4, 2024.

Prakash Verma Terminated For Signing Client Applications

Evidently, NYLIFE Securities LLC disaffiliated with Verma on May 21, 2025. Allegedly, Verma was permitted to resign because he signed insurance applications for clients, violating company policies.

Were You Impacted By Financial Advisor / Securities Broker Mike Verma?

Did you experience losses because of Prakash Verma? You should reach out to Soreide Law Group online or at (888) 760-6552 and talk with a securities attorney about a possible recovery of your investment losses. For more than a decade, Soreide Law Group has recovered losses for clients throughout the country. The firm also works on a contingency fee basis and advances all costs. Verma and brokerage firms Verma worked for deny all allegations of sales practice violations.