Michael Norman: FINRA Barred Nevada NYLife Broker; Loan Allegations

A disciplinary action taken by the Financial Industry Regulatory Authority against former Reno, Nevada broker Michael Norman (CRD# 2092589) barred him after finding he failed to cooperate with an investigation into allegations he loaned money to a customer. A former representative of NYLife Securities, Norman was barred from acting as a broker or otherwise associating with a broker-dealer firm.

According to a Letter of Acceptance, Waiver and Consent (No. 2018058884301) dated November 2018, Michael Norman received a request from FINRA staff on November 9, 2018, to produce documents and information by November 23, 2018, as part of a FINRA investigation concerning allegations he “loaned money to a customer so the customer could purchase securities.” Norman indicated to FINRA via an email on November 13, 2018, that he had received its request but would not produce the documents and information sought by FINRA. According to the regulator’s findings, this refusal constituted a violation of FINRA Rule 8210, which states that no person associated with FINRA shall fail to provide information pursuant to a FINRA request. As a result of the foregoing alleged conduct, Michael Norman was barred from association with any FINRA member in all capacities.

Michael Norman’s disclosure records also list two customer complaints against him that resulted in settlements. A January 2019 complaint alleged that as a representative of NYLife Securities, he “failed to adequately disclose the annual fees and surrender charges” connected to an unsuitable variable annuity product; the complaint reached a settlement of $22,818.46. And a 2018 complaint alleges that as a representative of NYLife Securities, he misrepresented an investment’s rate of return, failed to disclose fees associated with it, and gave unsuitable advice regarding a mutual fund transaction; the complaint reached a settlement of $92,000.61

Michael Norman is not currently registered as a broker or investment advisor. His employment history includes NYLife Securities in Reno, Nevada. He currently holds no state licenses and has passed three securities industry qualification examinations.