NYLife Stockbroker Barred In FIP Investigation
Kari Marlin Bracy (also known as Kari Marlin Farwell) of Jacksonville Beach Florida a stockbroker formerly registered with NYLife Securities LLC has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that she failed to comply with FINRA personnel when it investigated her for selling Future Income Payments LLC to customers of the securities broker dealer. Letter of Acceptance Waiver and Consent No. 2018059595101 (Jan. 23, 2020).
According to the AWC, an investigation into Bracy was opened by FINRA following its receipt of a Form U5 from NYLife Securities which revealed that Bracy was terminated from the securities broker dealer. FINRA sought information regarding Bracy’s sales of a Future Income Payments LLC (“FIP”) structured cash flow product.
The AWC stated that Bracy was asked to testify for FINRA personnel on January 16, 2020 in order to comply with FINRA Rule 8210 but on December 31, 2019, Bracy confirmed with the regulator that she did not intend to testify at any time. The AWC stated that Bracy did not make any appearance to testify on January 16, 2020. FINRA determined that her conduct was violative of FINRA Rules 2010 and 8210.
FINRA Public Disclosure additionally reveals that a customer initiated investment related arbitration claim concerning Bracy’s activities was resolved for $80,000.00 in damages based upon accusations that during the time that Bracy was associated with NYLife Securities, she made false or misleading statements to the customer concerning Future Income Payments leading the customer to purchase the investment based on the belief that it was safe, conservative and would pay seven percent annual returns. FINRA Arbitration No. 18-02607 (Nov. 15, 2018).
Bracy was registered with NYLife Securities between July 15, 2009 and January 30, 2019.