Former NYLife Representative Suspended for Privately Settling Complaint
Jose Luis Paula submitted a Letter of Acceptance, Waiver and Consent (AWC) to the Financial Industry Regulatory Authority (FINRA) for allegedly violating FINRA Rule 2010. Jose Paula joined NYLife Securities LLC as an Investment Company and Variable Contracts Products Representative in March 2010 until his termination in January 2017. According to FINRA, Paula attempted to settle a customer complaint related to losses in her account by agreeing to refund her the total principal associated with the trades. The findings stated that when Mr. Paula issued a check in the amount of $10,000, he told the customer not to cash it until he could fund his checking account, but never did. The findings also stated that Mr. Paula never informed his firm of the complaint nor did he obtain authorization to settle the complaint, thereby violating FINRA Rule 2010.
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