Shammi Samaroo: FINRA Bars Ex-NYLife Advisor

Former Sunrise, Florida financial advisor Shammi Samaroo (CRD# 6267861) was recently sanctioned and barred in connection with alleged rule violations. Financial Industry Regulatory Authority records show that he was most recently registered as a broker with NYLife Securities.

A Letter of Acceptance, Waiver, and Consent (No. 2024084176201) details FINRA’s disciplinary action against Mr. Samaroo. Filed in July 2025, it states that FINRA initiated an investigation into the circumstances that led to his November 2024 resignation from NYLife Securities while under “internal review” for “potential violations” of firm policies. As the Letter notes, FINRA Rule 8210 empowers FINRA to require associated persons to provide information orally and to testify under oath with respect to matters under its investigation. It provides further that no person shall fail to provide testimony or information under that rule.

Under this rule, FINRA sent him a request on April 29, 2025 to provide documents and testimony connected with its investigation. On May 29, 2025, he allegedly indicated via counsel that he had received the request and would not be producing the requested materials at any time. FINRA found that his refusal constituted a violation of Rule 8210 as well as Rule 2010, under which persons associated with FINRA must observe high standards or commercial honor and just and equitable principles of trade” in the conduct of their business. As a result of these findings, FINRA barred him from associating with any member firm in any capacity. Mr. Samaroo signed the Letter of Acceptance, Waiver, and Consent on June 20, 2025, and FINRA accepted it on July 15, 2025.

According to the Financial Industry Regulatory Authority, Shammi Samaroo holds eight years of securities industry experience. Most recently based in Sunrise, Florida, he was registered as a broker with NYLife Securities from 2016 until 2024. His credentials include the passage of three securities industry qualifying exams: the Uniform Securities Agent State Law Examination, or Series 63; the Securities Industry Essentials Examination, or SIE; and the Investment Company Products/Variable Contracts Representative Examination, or Series 6. He is no longer registered with any state or firm. (Information current as of July 17, 2025.)

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