What Did Your Brokerage Firm or Investment Adviser Do Wrong With GWG
Published On: July 8, 2015

Stoltmann Law Offices is investigating Emily Pena, a former registered representative with NYLife. Pena entered into a Letter of Acceptance, Waiver and Consent (AWC) with the Financial Industry Regulatory Authority (FINRA). According to the AWC, while working at NYLife, Pena used $7,868 in personal funds to pay life insurance premiums for three customers. The policies were sold to the customers by agents recruited by Pena. She did this in order to keep the policies and to recruit overrides paid to her on policies she sold. She also allegedly created three electronic transfer fund forms that stated customer authorization. These forms were falsified.

Pena also allegedly converted funds from an affiliate of her firm and provided a customer with a credit reimbursement letter that was fake. This letter guaranteed that a client would not incur losses on his investment because of surrender fees. In that letter, Pena told the client that he would receive $2,173 in credit to his variable annuity account as a replacement for those surrender fees. Pena did not receive authorization from her firm to promise the fees to the client, nor did her firm have any knowledge of it. She created the letter on firm letterhead and included a signature of a fake variable annuity service center representative. She also provided a telephone number for the representative, but the number was that of her husband’s cell phone. For this, she was barred from the industry.

Emily Pena was registered with NYLife Securities in San Antonio, Texas from May 2009 until May 2014. She has one customer dispute against her. She is not licensed within the industry and was permanently barred by FINRA. If you invested money with Emily Pena, and would like to sue her former firm, NYLife Securities, you may do so by calling Stoltmann Law Offices at 312-332-4200 and speaking to an attorney. We may be able to help you recover your money in the FINRA arbitration process, because NYLife Securities can be sued for Ms. Pena’s transgressions and activities. Their duty was to supervise her while she was employed there.


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