NYLife Securities Stockbroker Barred For Conversion
Marc Donald Bushey, of Bridgewater, Massachusetts, a stockbroker formerly registered with NYLife Securities LLC, was permanently barred from associating with any Financial Industry Regulatory Authority (FINRA) member firm in any capacity after consenting to findings that he converted customer funds. Letter of Acceptance, Waiver and Consent, No. 2016051803901 (Dec. 13, 2016).
According to the AWC, customer MB and her father were assisted by Bushey in the creation of a trust that was meant to provide benefits for MB’s children. The AWC stated that the trustees of such trust included MB, as well as an individual who Bushey had prior business dealings with. Bushey apparently helped set up a NYLife brokerage account for the trust, and was listed as the account’s registered representative.
Evidently, from November of 2015 to September of 2016, seven checks were written by Bushey from the trust’s NYLife account. Bushey reportedly made such checks, which totaled $10,900.00, payable to cash, where he later made deposits of the funds into his own personal banking account to be utilized for his own personal gain.
The AWC revealed that Bushey’s actions were not authorized by any of the trustees; Bushey was not permitted to possess or own the funds. As such, FINRA found that Bushey had improperly utilized and ultimately converted the funds belonging to the trust. Bushey’s conduct was found by FINRA to be violative of FINRA Rule 2010 and 2150(a).
FINRA Public Disclosure reveals that on October 11, 2016, a customer filed an investment related arbitration claim involving Bushey’s conduct, in which the customer requested $18,000.00 in damages based upon allegations that Bushey took possession of the customer’s money without permission.
Bushey’s registration with NYLife Securities LLC ended in October of 2016. From September 30, 2016 to November of 2016, Bushey was registered with LaSalle St Securities, L.L.C.
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