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Former NY Life Securities Broker, Gabriel Hynes, Barred By FINRA For Selling Future Income Payments, LLC To Retail Investors

Gabriel Hynes (CRD # 3152541) was a former Financial Advisor at NY Life Securities in St. Augustine, FL.  Gabriel Hynes has been in the securities industry since 1999 and previously worked at Kestra Investment Services.

According to publicly available records released by the Financial Industry Regulatory Authority (FINRA), on January 7, 2020, FINRA sanctioned Gabriel Hynes, barring him from the securities industry for failing to cooperate in FINRA’s investigation regarding Gabriel Hynes’s alleged sale of Future Income Payments, LLC to retail customers.  This same misconduct precipitated Gabriel Hyne being “permitted to resign” from NY Life during the course of its internal investigation into his involvement in Future Income Payments.

 

Future Income Payment, LLC’s claims to be “the industry leader and an innovator in buying and selling secondary market pension cash flows, often referred to as structured cash flows.  In reality, Future Income Payments, LLC was not a flourishing business entity but rather a $100 million scam operated out of a Nevada strip mall.

 

Multiple states have issued cease and desist orders, accusing Future Income Payments, LLC of issuing loans without a license and disguising them in “sales agreements.”  Another fifteen states are currently pending agency action or investigation.

 

Through a network of financial advisers and insurance agents, Future Income Payments, LLC marketed these agreements to individuals (nearing the age of retirement) across the country.  The agreements were then sold to third parties.  Financial advisors and insurance agents pitched Future Income Payments, LLC as a means for investors to obtain a lump sum distribution of their future cash flows from a pension and, in turn, invest that money in other securities or insurance products that would generate a capital gain.  Unfortunately, pensioners were unaware that the deals were structured as a loan against their pension with payback interest rates that were exceedingly high and often times in violation of state usury laws.  The high repayment interest has jeopardized or eviscerated the pension accounts of participating retirees, leaving them financially devastated.

 

For a copy of Gabriel Hyne’s FINRA sanction, click https://www.finra.org/sites/default/files/fda_documents/2018059098601%20Gabriel%20W.%20Hynes%20CRD%203152541%20AWC%20va.pdf.

 

In addition, in July 2018, a customer filed a complaint against Gabriel Hyne, alleging that he misrepresented the nature of Future Income Payments, LLC.  The matter was settled for $1.425 million.

 

For a copy of Gabriel Hyne’s CRD, click https://brokercheck.finra.org/individual/summary/3152541#disclosuresSection

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 mwolper@wolperlawfirm.com.

Now is the time to talk to an investment loss recovery lawyer. We can help recover your investment loss. Free consultations, always.

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