Narith Long, Formerly of NYLife Securities, Named in Customer Dispute Alleging Unauthorized Securities Transactions and Unsuitable Recommendations

Long has been the subject of four customer disputes since May 2021.

narith-long-unauthorized-securities-transactions-unsuitable-recommendationsNarith Long (CRD#: 6598152) was previously registered as a broker with NYLife Securities from 2019 until 2020. Previously, Long was registered as a broker with Northwestern Mutual from 2018 until 2019.

 

Long has eleven disclosures on his BrokerCheck report.

 

July 2021 Customer Dispute

Status: Pending

Allegations: Claimant alleges that in early 2020, the RR advised her to open a brokerage account with an outside broker-dealer, which the RR would manage with full discretion to trade on the complainant’s behalf. The complainant further alleged the RR’s investing was aggressive and speculative in nature, and ultimately caused her to suffer losses of not less than $45,000.00 for which she seeks reimbursement.

Damage Amount Requested: $45,000.00

 

June 2021 Customer Dispute

Status: Pending

Allegations: Claimant alleges that on or around May 26, 2020, the RR advised her to open a brokerage account with an outside broker-dealer, which the RR would manage with full discretion to trade on the complainant’s behalf. The complainant further alleged that based on the RR’s actions, she incurred approximately $26,000 in losses for which she seeks reimbursement

Damage Amount Requested: $26,000.00

 

June 2021 Customer Dispute

Status: Settled

Allegations: Claimant alleges that between August 2020 and November 2020, the RR advised her to open a brokerage account with an outside broker-dealer, which the RR would manage with full discretion to trade on the complainant’s behalf. The complainant further alleged that based on the RR’s actions, she incurred approximately $34,979.66 in losses for which she seeks reimbursement.

Damage Amount Requested: $34,979.66

Settlement Amount: $3,720.60

 

May 2021 Customer Dispute

Status: Pending

Allegations: The complainants allege that beginning in January 2019, the RR advised them to open a brokerage account with an outside broker-dealer, which the RR would manage with full discretion to trade on the complainant’s behalf. The complainant further alleged that based on the RR’s actions, they incurred approximately $80,000 in losses for which they seek reimbursement.

Damage Amount Requested: $80,000.00

 

December 2020 Employment Separation After Allegations

Firm Name: NYLife Securities LLC

Termination Type: Discharged

Allegations: Mr. Long was terminated for violating company policy by engaging in unauthorized securities transactions. Mr. Long’s unauthorized activities involved him recommending consumers open brokerage accounts with a non-affiliated firm and then, using their log in information, he traded securities held in those brokerage accounts.

 

November 2020 Customer Dispute

Status: Pending

Allegations: The complainant alleged that between August 2020 – November 2020 the RR advised him to open a brokerage account with an outside broker-dealer, which the RR would manage with full discretion to trade on the complainant’s behalf. The complainant further alleged that based on the RR’s actions, he incurred approximately $217,190 in losses for which he is seeking reimbursement. On December 2, 2020, the complainant filed a FINRA Arbitration Statement of Claim seeking damages against the Firm.

Damage Amount Requested: $217,190.0

 

October 2020 Customer Dispute

Status: Settled

Allegations: The complainant alleged that between August 4, 2020 – September 4, 2020 Mr. Long was selling away by trading securities on the complainant’s behalf through an outside broker-dealer using the complainant’s log in information to place the trades. The allegations included a claim for losses as a result of the trades placed by the RR in the outside brokerage account.

Damage Amount Requested: $17,120.00

Settlement Amount: $17,120.00

 

July 2017 Financial Event

Status: Final

Type: Compromise

Disposition: Satisfied/Released

 

August 2016 Judgment / Lien

Judgment/Lien Amount: $20,896.66

Judgment/Lien Type: Civil

 

February 2012 Financial Event

Status: Final

Type: Bankruptcy

Disposition: Discharge

 

October 2000 Criminal Judgment

Status: Final Disposition

Charges: Driving without a license

Disposition: Convicted

Charges: Possession of False ID

Disposition: Dismissed

Charges: False Representation of Identity to Peace Officer

Disposition: Convicted

Charges: Driving with suspended license

Disposition: Dismissed

The Sonn Law Group is currently investigating allegations surrounding Narith Long. We represent investors in claims against negligent brokers and brokerage firms. If you or your loved one experienced investment losses, we are here to help. For a free consultation, please call us now at 866-827-3202 or complete our contact form.