Erez Law is currently investigating Independent Financial Group, LLC broker Daniel Loy (CRD# 3029654), who is accused of unsuitable investment recommendations regarding real estate securities.
He has been registered with Independent Financial Group, LLC in Milpitas, California, since 2015. Previously, he was registered with Voya Financial Advisors, Inc. in Milpitas, California, from 2007 to 2015, when he was terminated regarding, “explanation: representative attempted to resign while on heightened supervision for using an unapproved email and not submitting two pieces of advertising for approval.”
Daniel Loy Accused of Unsuitable Investment Recommendations
He has been the subject of four customer complaints between 2004 and 2022, two of which were denied, according to his CRD report:
April 2022. “Customer alleges that between 2013 and 2015, alternative investment products were misrepresented by stating they would provide more diversification, were safe and suitable investments, and would receive are turn of principal generally between three and five years.” The customer sought $1,500,000 in damages, and the case was settled for $370,000. The complaint was regarding real estate security losses, and it took place while he was registered with Voya Financial Advisors, Inc.
September 2021. “The statement of claim alleges the representative misled claimant and recommended an unsuitable investment strategy in various illiquid alternative investments starting in or around 2014.” The customer is seeking $150,000 in damages, and the case is currently pending. The complaint was regarding real estate securities. The complaint was regarding real estate security losses, and it took place while he was registered with Voya Financial Advisors, Inc.
Pursuant to FINRA Rules, member firms are responsible for supervising a broker’s activities during the time the broker is registered with the firm. Therefore, Independent Financial Group, LLC may be liable for investment or other losses suffered by Daniel Loy’s customers.
Erez Law represents investors in the United States for claims against brokers and brokerage firms for wrongdoing. If you have experienced investment losses, please call us at 888-840-1571 or complete our contact form for a free consultation. Erez Law is a nationally recognized law firm representing individuals, trusts, corporations and institutions in claims against brokerage firms, banks and insurance companies on a contingency fee basis.
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