Pending complaints against UBS Financial Services broker and investment advisor Jose Cornide (CRD# 2785918) allege the Coral Gables, Florida-based representative...Read More
Marc Last: Pennsylvania NYLife Broker Barred by FINRA; Conversion Allegations
A disciplinary action taken by the Financial Industry Regulatory Authority against former Berwyn, Pennsylvania broker Marc Last (CRD#) barred him over allegations he converted funds from a customer’s variable annuity account. A former representative of NYLife Securities, Last was barred from acting as a broker or otherwise associating with a broker-dealer firm.
According to a FINRA decision () that became final in November 2018, Marc Last was named in a FINRA complaint regarding allegations he converted a sum of $5,000 form the variable annuity accounts of his customer. According to FINRA, he forged the client’s signature “on a partial withdrawal form and directed the transfer of the funds to his personal bank account without the customer’s knowledge or authorization.” FINRA’s complaint also alleged that Last caused his member firm, NYLife Securities, to create and maintain inaccurate books and records when he entered inaccurate information on the partial withdrawal form, “falsely representing that the bank account receiving the $5,000 wire transfer… belonged to the customer,” and by forging the signature. FINRA’s complaint also stated that he did not provide documents, information, and testimony requested by FINRA as part of its investigation into whether he converted funds and forged a customer’s signature. As a result of the foregoing alleged conduct, Last was indefinitely barred from acting as a broker or otherwise associating with a broker-dealer firm. The bar started on November 1, 2018.
Marc Last’s disclosure records also list six customer complaints against him that reached settlements, all concerning his conduct as a representative of NYLife Securities. A 2018 complaint alleged that he submitted insurance applications without the customer’s authorization or consent and deducted funds from his checking account without the same; it reached a settlement in 2018 of $6,460. A 2017 complaint alleged that funds were withdrawn from the customer’s bank account to pay premiums for universal life insurance policies she did not authorize; the complaint reached a settlement of $5,576.10. And a 2017 complaint alleged he forged signatures on insurance policy paperwork; the complaint reached a settlement of $5,458.79.
Marc Last is not currently registered as a broker or investment advisor. His employment history includes NYLife Securities in Berwyn, New Jersey. He currently holds no state licenses and has passed two securities industry qualification examinations.