Former First Standard Financial Company broker Michael Leahy (CRD# 1899498) has been barred by the Financial Industry Regulatory Authority (FINRA)...Read More
Piero DiLorenzo: NYLife Broker Barred Over Annuity Allegations
Former Melville, New York broker Piero DiLorenzo (CRD# 4670150) was recently the subject of a disciplinary action levied by the Financial Industry Regulatory Authority (FINRA) in connection to allegations he submitted variable annuity application forms without his customers’ authorization. Previously associated with NYLife Securities, he was barred from associating with any FINRA firm.
According to a Letter of Acceptance, Waiver, and Consent (No. 2019063306501) dated April 2020, Piero DiLorenzo was associated with NYLife Securities as an Investment Company and Variable Contracts Products Representative from 2012 until 2013, then from 2014 to July 2019, when the firm filed notice of his termination “after the company became aware he submitted eight electronic variable annuity applications and policy documents without the customers’ authorization or knowledge.” FINRA subsequently initiated an investigation into this conduct. In connection with this investigation, FINRA sent him a request on March 18, 2020 to appear and provide on-the-record testimony to FINRA on April 17, 2020. The findings go on to state that he indicated to FINRA in a March 19, 2020 email from counsel that he had received FINRA’s request for testimony but would not appear to provide testimony “at any time.” FINRA found that this refusal constituted a violation of FINRA Rules 8210 and 2010. As a result of the foregoing alleged conduct, he was barred from associating with any FINRA broker-dealer firm.
Piero DiLorenzo is currently not registered as a broker. His previous registrations include NYLife Securities in Melville, New York and PFS Investments in Farmingdale, New York. He has passed three securities industry qualifying examinations: Securities Industry Essentials Examination, or SIE; Uniform Securities Agent State Law Examination, or Series 63; and Investment Company Products/Variable Contracts Representative Examination, or Series 6. His BrokerCheck report lists zero state securities licenses. (Information current as of June 3, 2020.)