- July 18, 2022
- VOYA Financial Advisors
Daniel Loy (CRD#: 3029654) is a dually registered Investment Advisor and Broker at Independent Financial Group, LLC in Milpitas, CA.
He entered the securities industry in 1998 and previously worked for Voya Financial Advisors, Inc.; MetLife Securities, Inc.; Metropolitan Life Insurance Company; Mony Securities Corporation; and Citicorp Investment Services.
Current And Past Allegations Of Conduct Leading To Investment Loss
According to publicly available records released by the Financial Industry Regulatory Authority (FINRA), in April 2022, a customer dispute was filed against Daniel Loy. The allegation states, “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 a turn of principal generally between three and five years.” Damages of $1.5M are requested.
In addition, Daniel Loy has been the subject of three customer complaints, including one that remains pending, including the following:
- 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 dispute is pending, and damages of $150,000 are requested.
- September 2015 — “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 was permitted to resign from Voya Financial Advisors, Inc.
- June 2012 — “CLIENT ALLEGES HE WAS MISLED AND CHEATED REGARDING HIS REIT INVESTMENT WHEN HE WAS INFORMED THAT THE INTEREST RATE HAD DECREASED FROM 6% TO 3.6%.” The customer dispute was denied.
- August 2004 — “CLIENT ALLEGED THAT MR. LOY HAD LED HIM TO BELIEVE THAT HE COULD WITHDRAW HIS PRINCIPAL OF 100,000 IN 7 YEARS AND THAT THE INVESTMENT WAS ‘INAPPROPRIATE BASED ON HIS PROFILE.”’ The customer dispute was denied.
For a copy of Daniel Loy’s FINRA BrokerCheck, click here.
We Help Investors Recover Investment Losses
Alternative investments are not regulated by the U.S. Securities and Exchange Commission (SEC), and are often subject to fraud and other schemes. Examples include commodities, hedge funds, real estate, derivatives contracts, private equity, managed futures, and venture capital. They are not typically regulated by the SEC, nor are they usually liquid or easy to value, which makes them risky investments. In addition, alternative investments are often open only to accredited investors with an income of $200,000 or more or a net worth in excess of $1M; they also require high up-front minimums. When these opportunities are opened to non-accredited investors, it may be because of unsuitability, fraud, selling away or misrepresentation, and the investor may incur losses.
Financial advisors have a legal and regulatory obligation to recommend only suitable investments that are appropriate for their clients’ needs and objectives. Their employing brokerage firm has a legal and regulatory obligation to supervise the financial advisors’ sales practices and dealings with clients. To the extent any of these duties are breached, the customer may be entitled to a recovery of his or her investment losses.
The Wolper Law Firm represents investors nationwide in securities litigation and arbitration on a contingency fee basis. Matt Wolper, the Managing Principal of the Wolper Law Firm, is a trial lawyer who has handled hundreds of securities cases during his career involving a wide range of products, strategies and securities. Prior to representing investors, he was a partner with a national law firm, where he represented some of the largest banks and brokerage firms in the world in securities matters. We can be reached at (800) 931-8452 or by email at firstname.lastname@example.org.