The Financial Industry Regulatory Authority has barred former NYLife Securities broker, Jeffrey Scott Anderson, who was accused of stealing approximately $26,600 from an elderly client.
According to FINRA, from October through December 2019, Anderson convinced an elderly NYLife customer to write five checks totaling $26,600 to him personally to purchase investments and insurance. Rather than using the funds for those purposes, FINRA claims that he deposited the money into his bank account and paid personal expenses.
Anderson spent five years at NYLife before being permitted to resign in March 2020 after an internal review “raised a number of concerns regarding the quality of his business, including repeat replacement and suitability concerns and undisclosed customer complaints.”
Later that year, the firm updated his termination notice with FINRA to disclose two customer complaints against him, including one from a customer who provided NYLife with “copies of three personal checks…which were made payable to and endorsed by [Anderson] totaling $16,500.” NYLife filed another amendment in May 2021 reporting an additional customer complaint against him.
According to his BrokerCheck profile, after NYLife, Anderson became registered with Pruco Securities but was fired less than three months later for “misappropriating funds from a customer while associated with another FINRA member and submitting altered documentation to company investigators during its internal investigation.”
Anderson’s BrokerCheck profile shows five settled customer disputes dating back to May 2018, ranging from $6,300 to $26,900.
Anderson accepted the sanctions without admitting or denying FINRA’s findings.