NYLife Accused By Customer Of Annuity Fraud
Grover Vance Hinebaugh Jr. of Lady Lake Florida a stockbroker currently employed by NYLife Securities LLC is the subject of a customer initiated investment related complaint on January 12, 2018 in which the customer requested $19,369.85 in damages based upon allegations that the customer was inappropriately advised to liquidate bond investments and buy a variable annuity.
Financial Industry Regulatory Authority (FINRA) Public Disclosure confirms that Hinebaugh has been identified in five more customer initiated investment related disputes pertaining to accusations of his improper activities during the time that he was registered with NYLife Securities Inc. Particularly, on March 4, 1999, a customer filed an investment related complaint concerning Hinebaugh’s activities where the customer alleged to have been placed in a variable annuity product that was inappropriate.
Then, on August 1, 2011, a customer initiated investment related complaint involving Hinebaugh’s activities was resolved for $119,062.41 in damages founded on accusations that a transfer of the customer’s retirement account funds had been executed for the purpose of putting the customer in an annuity despite that product failing to conform to the customer’s financial needs and age. Subsequently, on December 2, 2014, a customer initiated investment related complaint regarding Hinebaugh’s conduct was settled for $14,285.71 in damages based on allegations that the customer was sold a variable life insurance policy that was inappropriate for the customer considering the customer’s age.
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