FINRA Bars NYLife Stockbroker For Conversion
Lawrence James Rizer of Boardman Ohio 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 of his conversion of funds while engaging in an outside business activity. Letter of Acceptance Waiver and Consent No. 2017054157401 (Aug. 27, 2019).
According to the AWC, from May of 2016 to October of 2016, Rizer engaged in an outside business activity involving the National Association of Insurance and Financial Advisors. He was designated as the President of one of the Association’s local chapters. FINRA noted that, inter alia, the mission of the Association was to promote its members’ ethical conduct.
Evidently, Rizer was provided a debit card to be used for expenses he incurred through the Association’s activities. Instead of using the debt card for the Association’s needs, Rizer used the funds for his own benefit. Rizer’s use of the Association’s funds was unauthorized by the Association, and he never attempted to make repayment. FINRA found Rizer’s conversion of funds to be violative of FINRA Rule 2010.
FINRA Public Disclosure confirms that Rizer has been identified in two customer initiated investment related disputes pertaining to accusations of his violative conduct while employed with NYLife Securities. Specifically, a customer initiated investment related complaint involving Rizer’s conduct was settled to resolve allegations that false or misleading statements had been made to the customer concerning the customer’s variable annuity account.
Also, a customer initiated investment related civil action involving Rizer’s conduct was brought in the Jefferson County, Ohio Common Pleas Court which was settled for $65,000.00 in damages supported by accusations that the customers were provided false assurances of their premiums being paid on annuities or life insurance policies despite them receiving notifications of non-payment; policies purchased by the customers lapsed due to the non-payment of the premiums; and customers’ signatures had been forged on account documentation to effect unauthorized changes to their policies. Civil Action No. 17CV00317 (June 13, 2018)..
Rizer was discharged from NYLife Securities on April 6, 2017 based upon allegations that he admitted to having misused the Association’s funds for his own benefit during the period he was serving as President of the Association’s Ohio chapter. He was employed by MML Investors Services between April 20, 2017 and March 2, 2018.