Stephen Theodore Mellinger III, of Niles, Michigan, a stockbroker formerly registered with NYLife Securities LLC, is the subject of a customer initiated investment related complaint that settled on April 13, 2017, for $241,900.00 in damages, based on allegations of sales practice violations regarding three variable universal life insurance policies, resulting in the customer’s financial distress.

Financial Industry Regulatory Authority (FINRA) Public Disclosure reveals that Mellinger has been identified in two more customer initiated investment related disputes pertaining to allegations of his misconduct during the time that he was employed by Northwestern Mutual Investment Services, LLC, and NYLife Securities LLC. Specifically, on June 1, 2010, a customer initiated investment related civil action involving Mellinger’s conduct was settled for $210,625.00 in damages supported by allegations that Mellinger sold customers a defined benefit plan that was not appropriate considering the manner in which the plan was to be utilized. Civil Action No. 64D02-0610-PL-9148 (June 1, 2010).

On August 31, 2017, another customer initiated investment related written complaint regarding Mellinger’s activities was resolved for $189,216.84 in damages based upon allegations that from October 15, 2009 to May 23, 2016, the customer was not properly informed of the structure of investments selected, and insurance policy payouts were different than what the customer agreed to.

Mellinger’s employment with New York Life Insurance Company was terminated on January 1, 2016, based upon allegations that he engaged in outside business activities that were not permitted by the firm.

Guiliano Law Firm

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