Stoltmann Law Offices is investigating Jonathan Lo, a former broker with NYLife Securities, who was recently barred from the industry by the Financial Industry Regulatory Authority (FINRA). Lo was accused of engaging in mutual fund switching. Mutual fund switching is the process of transferring an investment from one fund to another, or the process of liquidating a position in exchange for other securities with better prospects for growth, yield or capital gains. This can result in unnecessary fees for the customer, and is against securities rules and regulations. Mr. Lo was permitted to resign from NYLife Securities because of these transgressions. Brokerage firms like NYLife have a responsibility to adequately supervise all representatives who are registered through the firm. They also must take steps to ensure that their financial advisors follow all securities rules and regulations, as well as firm policies. If they do not, they may be liable for investment losses customers may suffer.
According to his online FINRA BrokerCheck public record, Mr. Lo was previously registered with Pruco Securities, Morgan Stanley, Merrill Lynch, Chase Investment Services, JP Morgan and NYLife Securities in New York, New York from November 2013 until August 2015. He has five customer disputes against him and has been permanently barred from the industry. Please call our Chicago-based law offices today at 312-332-4200 if you suffered losses with Mr. Lo. We are securities attorneys who may be able to help you recover your losses in the FINRA arbitration forum. The call is free with no obligation.
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