NYLife Accused By Investors Of Misrepresentation
John Joseph Rocco Jr. of Wakefield Massachusetts a stockbroker formerly employed by NYLife Securities LLC is the subject of a customer initiated complaint which was resolved on April 25, 2019 for $190,000.00 founded on allegations that (1) misrepresentations had been made by Rocco in regard to mutual fund and insurance products sold to the customer and (2) Rocco borrowed a total of $30,000.00 in funds from the customer and then failed to repay the loan.
FINRA Public Disclosure reveals that Rocco has been identified in nine more customer initiated investment related disputes containing accusations of Rocco’s misconduct during the time that Rocco was associated with securities broker dealers including NYLife Securities LLC. Specifically, on January 5, 2016, a customer initiated investment related complaint regarding Rocco’s activities was settled for $92,500.00 in damages based upon allegations of a customer loan arrangement in which Rocco defaulted causing the customer losses.
On March 11, 2016, another customer initiated investment related complaint involving Rocco’s conduct was resolved for $64,020.56 in damages supported by accusations of Rocco misrepresenting fixed and variable annuities that he sold to the customer. Rocco is also subject of a customer initiated investment related complaint on March 23, 2016 where the customer requested $22,759.39 in damages founded on allegations of false or misleading statements having been made in regard to the customer’s investments; and unsuitable investment recommendations being made to the customer which caused the customer to incur losses.
Another customer initiated investment related complaint concerning Rocco’s activities was settled on June 30, 2016 for $95,711.31 in damages based upon accusations that the customers were placed into an annuity when they were led to believe that mutual funds would instead be purchased for their accounts. Thereafter, on March 16, 2017, a customer initiated investment related complaint regarding Rocco’s conduct was resolved for $1,165,000.00 in damages supported by allegations that fund transfers were executed by Rocco from the customer’s individual retirement account without the customer’s permission; and misrepresentations had been made by Rocco in regard to the costs and features of investments sold to the customer.
FINRA Public Disclosure also confirms that Rocco has been barred from associating with any FINRA member in any capacity founded on accusations that Rocco neglected to cooperate with FINRA during an investigation into allegations of Rocco’s unapproved customer loan arrangements. Letter of Acceptance Waiver and Consent No. 20150465831-01 (Sept. 24, 2015). According to the AWC, Rocco was instructed by FINRA to furnish information and documentation to the regulator in regard to accusations made by NYLife Securities LLC that it disclosed to FINRA when terminating Rocco on July 28, 2015.
Particularly, NYLife terminated Rocco based upon allegations that Rocco failed to comply with the firm’s policies by borrowing funds from a customer of the firm, which raised the firm’s concerns about Rocco misappropriating funds from customers. The AWC stated that Rocco’s counsel reached out to FINRA to confirm that while Rocco understood the nature of FINRA’s requests, Rocco would at no point be cooperating in the investigation. FINRA found Rocco’s hinderance of the investigation to be violative of FINRA Rules 2010 and 8210.