Financial Industry Regulatory Authority (FINRA) BrokerCheck reveals disclosures about securities broker Stephen Theodore Mellinger III (also known as Stephen Mellinger) [CRD: 2819752, Niles, Michigan]. Stephen Mellinger previously worked for NYLIFE Securities LLC from November 2009 to January 2016. Recent disclosures reveal concerns about Mellinger’s conduct, including allegations of misrepresentation and unsuitable recommendations.
On April 30, 2021, a client of NYLIFE Securities LLC alleged misrepresentation and lack of full disclosure regarding the setup of trusts funded by life insurance and donor-advised funds. These products were purportedly marketed as providing significant charitable deductions to reduce federal income taxes. The client claimed damages of $1,440,833.33. On July 5, 2022, the firm resolved the case by paying $227,525.16, with no individual contribution from Mellinger.
On October 20, 2017, a client alleged that Mellinger sold them variable universal life insurance policies in June 2014, which were unaffordable and unsuitable for funding a retirement plan. The client requested reimbursement of $113,834.00 in fees and attorneys' costs. On December 7, 2017, NYLIFE Securities LLC settled the claim for $113,834.00, and Mellinger did not contribute personally to the settlement.
On July 19, 2016, a client alleged financial hardship and sought the rescission of three variable universal life insurance policies issued between December 2, 2014, and July 18, 2016. The client claimed damages of $92,544.51. NYLIFE Securities LLC settled the case on April 13, 2017, for $241,900.00, with no individual contribution from Mellinger.
On May 23, 2016, a client alleged a lack of understanding regarding the structure of their investments. They allegedly discovered discrepancies in the payment of insurance policies. The client claimed damages exceeding $1,000,000. On August 31, 2017, the firm settled the case for $189,216.84, with Mellinger not contributing to the settlement.
On January 21, 2021, a client alleged they were misled into purchasing a variable universal life insurance policy. The client requested damages of $52,500.00. On June 18, 2021, the firm denied the claim.
Looking for more information about Stephen Mellinger III? If so, reach out to Soreide Law Group online or at (888) 760-6552 to speak with a securities attorney. Soreide Law Group helps investors nationwide recover losses from sales practice violations, though outcomes cannot be guaranteed. Mellinger and the firms he worked for deny accusations of sales practice violations.
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