There are options for clients of NYLife Securities LLC broker Douglas Farris Jr. (CRD# 2973692), who suffered losses due to insurance losses. He has been registered with NYLife Securities LLC in Dayton, Ohio, since 2004. Previously, he was registered with MetLife Securities Inc. in Springfield, Massachusetts, from 2001 to 2003, when he was terminated regarding, “Becoming licensed to represent and sell products of non MetLife affiliated companies outside of the MetLife enterprise, in violation of company rules.”
In March 1987, the Insurance Commission of Indiana opened an investigation alleging, “The clients son said I wrongfully collected money from his father on a renewal (fixed insurance product). I picked up $144.50 on each of them & played a quiet game of chess with him and left. the total was 289.00. I found out 2 weeks that she was dead. I had renewed a dead woman. The man never said a word & I never asked about her. I promptly refunded the whole 289.00. But the son complained to comm.” He was sanctioned to pay a $500 fine and was suspended for 30 days.
Douglas Farris Jr. Customer Complaints
He has been the subject of two customer complaints between 2010 and 2024, according to his CRD report:
February 2024. “The customers allege they were misled and inadequately educated when they purchased a variable universal life insurance policy in October 2012. The customers have requested reimbursement of all premiums paid since the inception of the policy.” The customer sought $190,400 in damages, and the case was settled for $157,912.54. The complaint was regarding insurance losses, and it took place while he was registered with NYLife Securities LLC.
December 2010. “With regards to the purchase of a variable annuity policy in or around September 2005, the customer alleges that she owed income taxes on monies that she had withdrawn from the policy for income.” The customer sought $5,000 in damages, and the case was settled for $19,672.96.
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, NYLife Securities LLC may be liable for investment or other losses suffered by Douglas Farris Jr.’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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