FINRA Bars NYLife Stockbroker For Failure To Comply
Issac Preston Onu (also known as Ajah Onu) of Atlanta Georgia a stockbroker formerly registered with NYLife Securities LLC has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity supported by allegations that Onu neglected to provide a response to FINRA personnel after information had been formally requested of him. Case No. 2018058688001 (Dec. 3, 2018).
According to FINRA Public Disclosure, Onu was instructed by FINRA to provide information which may have related to his termination from NYLife Securities LLC or a customer dispute containing allegations of his misconduct. In particular, Onu was discharged by NYLife Securities LLC on April 29, 2018 founded on accusations of Onu having engaged in undisclosed outside business activities and other activities which failed to be permissible according to the securities broker dealer’s policies.
After Onu failed to respond to FINRA, he was issued a Notice of Suspension letter on August 29, 2018 and a Suspension from Association letter on December 3, 2018. Onu was instructed that his ongoing failure to comply with the regulator could be grounds for sanctions up to and including a bar from the securities industry. In fact, Onu was provided three months from being notified about the suspension to either request that it be lifted or face a permanent bar. Onu’s failure to comply by the December 2, 2018 deadline resulted in him being automatically barred on December 3, 2018.
FINRA Public Disclosure additionally confirms that a customer filed an investment related complaint in regard to Onu’s conduct in which the customer requested damages estimated to exceed $5,000.00 based upon allegations that the customer had been placed in investments failing to comport with the customer’s expectations or goals, and the customer had been charged excessive fees during the time that Onu was associated with NYLife Securities LLC.
Onu was employed by NYLife Securities LLC between October 9, 2018 and April 29, 2018.