According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Jeffrey Perryman (Perryman), previously associated with Nylife Securities LLC, has at least 6 disclosable events. These events include 5 customer complaints, one tax lien, alleging that Perryman recommended unsuitable investments in different investment products including debt securities among other allegations and complaints.
FINRA BrokerCheck shows a final customer complaint on October 07, 2024.
Without admitting or denying the findings, Perryman consented to the sanction and to the entry of findings that he refused to provide information and documents requested by FINRA in connection with its investigation into his potential undisclosed OBAs, including charging fees to a customer for services that he failed to disclose to his member firm.
FINRA BrokerCheck shows a pending customer complaint on September 09, 2024.
The Customer alleges she did not sign several account transaction forms.
FINRA BrokerCheck shows a pending customer complaint on July 17, 2024.
The Customer alleged that variable annuities purchased in June 2021 were not set up with any regard or benefit to her. The customer has requested closing the accounts and waiving surrender charges.
FINRA BrokerCheck shows a settled customer complaint on June 26, 2024.
The Customer alleges in February 2022, he was misled into purchasing front-loaded mutual funds to pay for life insurance policy premiums. Among other things, the customer is requesting the return of the upfront fees.
FINRA BrokerCheck shows a settled customer complaint on May 28, 2024.
The Customer has alleged life insurance and annuity policies purchased between October 2013 to April 2023 were misrepresented as liquid and loans were used to purchase new policies.
FINRA BrokerCheck shows a pending customer complaint on April 29, 2024.
The Customers allege, among other things, that beginning in May 2017, Class A mutual fund shares were liquidated and repurchased; they were sold a large number of VUL policies in excess of their insurance needs, and they were charged inappropriate advisory fees. The Customers seek rescission of the policies and refunding of all advisory fees.
Brokers are required to adhere to the SEC’s Regulation Best Interest (Reg BI) standard of care under the Securities Exchange Act of 1934 which establishes a ‘best interest’ standard for broker-dealers and associated persons. This standard applies when a registered representative is providing investment advice through making recommendations customers and covers securities transaction, investment strategies, and recommendations concerning advice on opening of an account or accounts. Reg BI is drawn from fiduciary principles that include an obligation to act in the retail investor’s best interest and the broker is prohibited from placing their own interests ahead of the investor’s interest.
There are several different aspects of the rule that brokers must comply with. One of which is the care obligations which requires brokers to form a reasonable belief that their investment advice and recommendations are in the retail investor’s best interest. The care obligations includes three components. First, the advisor must have an understanding of the potential risks, rewards, and costs associated with a product, investment strategy, account type, or series of transactions. Next, the advisor must have a reasonable understanding of the specific retail investor’s investment profile. The customer’s profile information generally includes an investor’s financial situation and needs; investments; assets and debts; marital status; tax status; age; investment time horizon; liquidity needs; risk tolerance; investment experience; investment objectives and financial goals; and any other information the retail investor may disclose in connection with the recommendation or advice. Finally, the advisor must use their knowledge of the first two elements to consider reasonably available investment option alternatives and come to the conclusion that there is a reasonable basis to believe that the recommendation or advice being provided is in the retail investor’s best interest.
Finally, an advisor must also analyze the specific account features offered and determine whether their client can benefit from them in order to meet their care obligations. While securities and investments come with costs that must be considered, the type of securities account also has changes the cost equation for the investor and can change the retail customers’ future investment returns. The associated person must consider the different types of securities accounts for their client and determine whether or not the cost or features are reasonably needed for the client or if the customer’s current account costs and features are superior to solutions available to the advisor. In any event, the type of account and services recommended must be in the investor’s best interest.
Perryman has been in the securities industry for more than 34 years. Perryman has been registered as a Broker with Nylife Securities LLC since 1990.
Investors who have suffered losses are encouraged to contact us at (800) 810-4262 for consultation. At Gana Weinstein LLP, our attorneys are experienced representing investors who have suffered securities losses due to the mishandling of their accounts. Claims may be brought in securities arbitration before FINRA. Our consultations are free of charge and the firm is only compensated if you recover.