Close Menu
Free Consultation: 888-976-6111

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.

Facebook Twitter LinkedIn
Contact Us For A Free Case Evaluation
protected by reCAPTCHA Privacy - Terms
Latest Blog Posts
  • Carlson Law Files Claim Involving Sam Jacobs of Key Investment Group

    Carlson Law recently filed a case on behalf of an investor against LaSalle St. Securities involving the actions of Winter...

    Read More
  • Ariel Rivero: FINRA Sanctions Former Jeffries Advisor

    Coral Gables, Florida financial advisor Ariel Rivero (CRD# 4236679) was recently sanctioned and suspended in connection with alleged rule violations....

    Read More
  • Joshua Cox: $80K Complaint Against Everest Wealth Advisor

    Greenwood Village, Colorado financial advisor Joshua Cox (CRD# 6137037) allegedly recommended unsuitable investments, according to a recent investor complaint. Financial...

    Read More
  • Paul Snow: NewEdge Advisor Resigned from Raymond James

    Former Covington, Louisiana broker Paul Snow (CRD# 2963153) recently resigned from Raymond James Financial Services in connection with alleged rule...

    Read More
  • Previous
  • Next