FINRA has Permanently Barred Daniel Mullan from the Securities Industry
The former NYLife Securities broker had been involved in several customer disputes
Until he was barred by the Financial Industry Regulatory Authority (FINRA) in June of 2017, Daniel Mullan had been in the securities industry for 18 years. In that time, he worked for 14 different firms. The last and most recent – NYLife Securities LLC in Melville, NY – discharged him in early 2016.
Mullan was fired for allegations related to unsuitable sales. This was far from the only time he faced accusations of illicit practices. During his career, Mullan was involved in eight separate customer disputes. Other charges include breach of fiduciary duty, unauthorized purchases, and misrepresentation. In total, clients received damages of around $800,000.
The most recent dispute alleges that Mullan made misleading statements to a client and sold him unsuitable variable annuities. Brokers have an obligation to understand their clients’ objectives and financial situation. If they push investments that aren’t right for these factors, they violate FINRA Rule 2111.
Originally, Mullan was only suspended by FINRA. But when he didn’t request termination of the suspension and provide the agency with additional information, he was permanently barred by the regulatory agency. This means that he is unable to act as a broker or associated with a broker-dealer firm.
Prior to NYLife Securities, Mullan worked for these firms, beginning in 1997:
- Prudential Securities Incorporated – NYC
- BG Capital, Inc. – Syosset, NY
- J. Michaels & Co., LTD. – Hauppauge, NY
- Gaines, Berland Inc. – Bethpage, NY
- Pruco Securities Corporation – Newark, NJ
- Ladenburg, Thalmann & Co., Inc. – NYC
- IDS Life Insurance Company – Minneapolis, MN
- American Express Financial Advisors Inc. – Minneapolis, MN
- Edward Jones – St. Louis, MO
- Raymond James Financial Services, Inc. – Bonita Springs, FL
- Merrill Lynch, Pierce, Fenner & Smith Incorporated – Bonita Springs, FL
- Wells Fargo Advisors, LLC – Naples, FL
- Wells Fargo Advisors Financial Network, LLC – Naples, FL
Additional information about Mullan can be found on his BrokerCheck report generated by FINRA.
Investors know that there is some risk involved with investing, but what they don’t usually count on is losing money at the hands of an unscrupulous broker. If you suffered losses that you believe were due to the prohibited actions of your broker or financial advisor, recourse is available. Through FINRA arbitration, you may be able to get your money back.
To learn more about arbitration and how it works, just get in touch with the Silver Law Group. We have been helping investors recover lost money for decades, and we might be able to do the same for you. For a free consultation, call us at 800-975-4345 or fill out our online contact form. The Silver Law Groups only works on contingency. If we aren’t successful at getting you your money back, you won’t owe us a fee.
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