Broker Marc Paul Haye Complaints – Compensation & Help

Investor Claims Against Marc Paul Haye, A Broker Formerly Registered with NYLife Securities

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.

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