Previously registered broker Mark Paul Haye (aka Mark Haye) was the subject of eight customer disputes as a representative of NYLife Securities, LLC, according to Financial Industry Regulatory Authority’s (FINRA) BrokerCheck. The company reportedly permitted Haye to resign in June 2019 after they reviewed his business practices and questioned his capacity to fulfill his professional obligations.
Customer Disputes Regarding Marc Haye
NYLife Securities, LLC disclosed various allegations against Haye, dating back to July 2019. At that time, a customer reportedly alleged that the broker opened a margin account without the customer’s knowledge or consent. Furthermore, the customer was not made aware that in February 2019, he was funding an annuity by borrowing against his brokerage assets. The customer alleged damages, and the complaint was settled.
In the same month, a customer reportedly complained that from October 2016 to October 2018, Haye made unsuitable recommendations to buy annuity products, misrepresenting the products by not telling the customer about surrender fees and penalties.
The following month, a customer filed a complaint against Haye, claiming that the broker misrepresented a variable annuit product he purchased—one that represented an unsuitable based on the customer’s age.
In September 2019, another customer reportedly alleged that Haye misrepresented a variable annuity product he purchased on the customer’s behalf, as well as a mutual fund IRA he established for the customer. According to the allegations, these products were unsuitable based on the customer’s investment needs and options, as well as her risk tolerance. The customer further contended that Haye did not make her aware of the penalties and surrender charges. She alleged damages of $11,703, and the complaint settled for $11,967.91. That same month, another customer accused Haye of the same practices, and his complaint was also settled, BrokerCheck reports.
Haye’s alleged practice of misrepresenting variable annuity policies continued, with another customer filing a complaint against the broker for this practice in October 2019. Yet another customer complained of this same practice as it pertained to a variable annuity purchased in July 2018. In this case, the customer alleges that Haye did not tell the customer about an income preservation rider, which had an age limitation. According to BrokerCheck’s report of the complaint, the customer said he would not have bought this annuity—which carried a seven-year surrender charge—had he been aware of these details.
What Our Clients Say
Below are some of the emails and letters that our clients have sent us.
At a time in our life when we were most vulnerable we lost control of our finances. We fell victim to a broker that took huge commissions and did not disclose that we were not able to access our money. Peter Mougey and his wonderful staff worked with us to make us whole again and got our money released. I cannot say enough about their work ethic, professionalism, and kindness during this stressful time for us. We had a 100% positive conclusion to our case and we strongly recommend Peter and the firm. We can now sleep at night! Fred & Pat H.
My husband and I were very pleased with the work that Peter and his team provided. He was very knowledgeable of the circumstances of our case and kept us informed throughout the process. He is extremely qualified and worked diligently on our behalf. We are positive that this case would not have been resolved in our favor had it not been for Peter's expertise and his passion. He definitely cares about his clients and we sincerely appreciate his efforts. Rachel C.
FRS is a governmental body. FRS retained the services of Peter Mougey of the LP law firm in a multimillion dollar lawsuit involving extremely complex issues. Mr. Mougey quickly mastered the issues and gave advice that was vital in bringing about a successful resolution. Two of the most important features of Mr. Mougey’s representation was his understanding of government and his ability to communicate complicated legal concepts to a 10-member board of trustees in language that was easily understood by all. I did not know Mr. Mougey before FRS retained him and, fortunately, have not experienced circumstances where the system would need his services again. However, if needed, I would have no hesitation in retaining his services again. Please let me know if you need any additional information or assistance. Steven S.
Edison's famous adage can't ever be ignored of course: 1 part inspiration and 99 parts perspiration. However the two attitudes must be present indissolubly--both are essential--if results are to be obtained. Peter Mougey’s group is aware of such a requirement, they work very hard at the latter, and the former comes easily to them, a rare combination anywhere to be found indeed. Raphael B.
I would like to express my sincere gratitude to Peter Mougey and your entire team on behalf of my family for the amazing job done during your representation. From day one I received kindness, rapid responses to all of my questions, with polite and patient encounters with all of your staff assistants. You are the best- and I will be eternally grateful to you and your entire team. Michelle E.