NYLife Investors Complain About Broker Sudesh Jain

Investor Alert! The Financial Industry Regulatory Authority (“FINRA”) reports that seven investor disputes are on the BrokerCheck record of securities broker Sudesh Kumar Jain (CRD#: 1325905, Dayton, Ohio). Evidently, Jain worked for NYLife Securities until 2016 and joined MML Investors Services in August 2017. Notably, investors indicate in these disputes that Jain possibly sold bad insurance policies. Here’s more on these disputes.

NYLife Securities Client Indicates That Sudesh Jain Failed To Disclose Rider Info Relating To VUL Policy

First of all, a client of NYLife Securities complained about Sudesh Jain in November 2020. Allegedly, Jain did not tell the client about a premium waiver rider when selling a VUL policy. However, NYLife Securities denied this client’s complaint in December 2020.

Jain Supposedly Sells Inappropriate Variable Annuity To NYLife Securities Client

The second most recent dispute on Sudesh Jain’s BrokerCheck report comes from a NYLife Securities client who reportedly invested in a bad variable annuity from 2015 to 2018. In the November 2018 complaint, the client alleged that Jain sold a variable annuity which was not appropriate. Not only that, but Jain supposedly claimed that the client would earn a guaranteed investment return. Allegations also include the impersonation of the client when initiating a transfer. Because of this, NYLife Securities opted to pay the client more than $11,000 in January 2019 to settle this matter.

NYLife Securities Client Indicates That Sudesh Jain Misled Them On Variable Annuities, VUL Policy

Also, a client of NYLife Securities took aim at Sudesh Jain through a March 2018 dispute. Namely, the client indicated that Jain sold a variable life insurance policy and two variable annuity policies. Supposedly, Jain misled the client regarding these products. It is possible that the client relied upon false information when purchasing them. Also, the client alleged unauthorized loans on the annuities. For this reason, NYLife Securities opted to pay the client more than $28,000 to settle this matter in May 2018.

Past Disputes Indicate That Jain Possibly Sold Unsuitable And Misrepresented Products

In four other complaints between 2011 and 2016, clients collectively allege that Sudesh Jain misrepresented and omitted terms and conditions on insurance products, and that the broker recommended unsuitable investments. It seems based on these claims that Jain might have overlooked his clients’ needs and goals. In fact, three of the four disputes settled through payments to clients.

Losses From Sudesh Jain?Lars Soreide AVVO 2020 Top Lawyer

Evidently, Sudesh Jain denies allegations of sales practice violations. Have you experienced losses by investing with this securities 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 incurred losses due to misconduct of securities firms and financial advisors.