Securities Lawyers Blog
According to BrokerCheck records financial advisor Ronald Walker (Walker), currently employed by NYLife Securities LLC (NYLife) has been subject to five customer complaints during his career. According to records kept by The Financial Industry Regulatory Authority (FINRA), many of the customer complaints against Walker concern allegations over variable annuity sales practices.
In June 2018 a client complained that Walker violated the securities laws because a client claimed she was not aware that she would be subject to a new surrender period when she agreed to move funds from one variable annuity to another in February 2017. The customer also alleged that being invested in 100% high yield bond funds does not match her risk tolerance. The customer alleged $13,000 in damages. The claim is currently pending.
In November 2017 a client complained that Walker violated the securities laws because a client claimed that the firm approved modifications to two variable annuity contracts. The firm denied the claim.
In October 2017 a client complained that Walker violated the securities laws alleging that he recommended a rider to his variable annuity contract purchased in September 2005 that was unnecessary and expensive. Customer alleges that he did not need the rider because he does not intend to withdraw from the variable annuity. The claim settled for $11,020.58.