FINRA Bars NYLife Stockbroker In Investigation
Piero Benjamin Dilorenzo of Melville New York 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 he failed to cooperate with FINRA personnel during the period in which he was under investigation for engaging in unauthorized activities relating to his submission of annuity applications and documentation. Letter of Acceptance Waiver and Consent No. 2019063306501 (Apr. 13, 2020).
According to the AWC, on July 17, 2019, a Uniform Termination Notice for Securities Industry Registration had been submitted to FINRA by NYLife Securities which revealed that Dilorenzo was discharged on June 18, 2019 based upon allegations that eight variable annuity applications and related documentation had been submitted by him without the knowledge or consent of his customers.
On March 18, 2020, while FINRA’s investigation into Dilorenzo was ongoing, the stockbroker received a request from the regulator to provide recorded testimony on April 17, 2020. Dilorenzo’s testimony was meant for FINRA to gather more information about the documentation and applications that he allegedly submitted on behalf of his customers for annuity transactions.
The AWC stated that on March 19, 2020, FINRA received a response from Dilorenzo which indicated that he had obtained the regulator’s request but would be refusing to testify in its investigation into his activities. FINRA determined that Dilorenzo’s decision not to testify constituted the violation of FINRA Rule 2010 and 8210 which resulted in him being permanently barred in all capacities.