Former NYLife Securities Broker Gerald James Page Barred by FINRA After Refusing to Cooperate With Investigation Into Alleged Undisclosed Outside Business Activities

• September 21, 2026
• NY Life Securities

Gerald James Page (CRD# 7577838) was previously registered as a broker with NYLife Securities LLC in Horsham, Pennsylvania. According to his FINRA BrokerCheck report, FINRA has barred him from acting as a broker or associating with any FINRA member firm.

Broker’s History

BrokerCheck shows one prior registration, with NYLife Securities LLC (CRD# 5167), from September 2022 to July 2026. FINRA’s AWC describes him as an Investment Company and Variable Contracts Products Representative. BrokerCheck lists two disclosures.

FINRA Bar (September 15, 2026)

Page signed a Letter of Acceptance, Waiver, and Consent (AWC) on August 27, 2026, and FINRA accepted it on September 15, 2026. Page consented to the findings without admitting or denying them.

According to the AWC:

• The matter arose from a regulatory tip, and FINRA was investigating Page’s potential involvement in undisclosed outside business activities.
• FINRA sent Page a request for information and documents under FINRA Rule 8210 on June 16, 2026, and a second request on July 27, 2026. Page did not respond to either.
• In an August 19, 2026 telephone conversation with FINRA, Page acknowledged receiving the requests and said he would not produce the information and documents.
• FINRA found that Page violated FINRA Rules 8210 and 2010 and imposed a permanent bar from associating with any FINRA member in all capacities.

The AWC’s findings are limited to Page’s refusal to produce the requested information. FINRA did not make findings on whether Page engaged in undisclosed outside business activities.

Termination by NYLife Securities (July 23, 2026)

BrokerCheck also discloses that NYLife Securities discharged Page on July 23, 2026. The firm reported that the termination followed an internal investigation that identified policy violations involving:

1. The submission of several unfunded annuity applications
2. Failure to disclose outside business activities and an outside brokerage account
3. Failure to fully cooperate with the firm’s requests during the investigation

These are allegations reported by the firm on Page’s termination disclosure and are not findings by a regulator or tribunal.

Outside Business Activities, Private Securities Transactions, and Selling Away

Two FINRA rules govern what registered representatives may do outside their firms. Neither the AWC nor the BrokerCheck report alleges that Page violated them, and neither alleges that he engaged in a private securities transaction or in selling away. The rules are relevant because outside business activities were the subject of the investigation and of NYLife’s termination disclosure.

Outside business activities (FINRA Rule 3270). Rule 3270 bars a registered person from working for another person, serving as its officer, director, or partner, or being compensated (or expecting to be compensated) by another person for any business activity outside the scope of his relationship with the firm, unless he has first given the firm prior written notice. Once notified, the firm must assess whether the activity would interfere with the representative’s responsibilities to the firm and its customers, or would be viewed by customers or the public as part of the firm’s business. It must then decide whether to condition, limit, or prohibit the activity. The firm must also determine whether the activity is really an outside business activity or a private securities transaction.

Private securities transactions (FINRA Rule 3280). Rule 3280 prohibits an associated person from participating in any manner in a private securities transaction, meaning a securities transaction outside the regular course or scope of his employment, except as the rule allows. He must first give the firm written notice describing the transaction, his role, and whether he may receive selling compensation. Selling compensation is defined broadly and includes commissions, finder’s fees, and profit participation from any source. Where selling compensation is involved, the firm must approve or disapprove the transaction in writing. If it approves, it must record the transaction on its books and supervise it as if the firm itself had executed it, and if it disapproves, the representative may not participate. Where there is no selling compensation, the firm must still acknowledge the notice in writing and may impose conditions.

Why this matters to investors: selling away. “Selling away” refers to a representative’s participation in securities transactions the firm does not know about, has not approved, and does not supervise. The notice requirement for outside business activities is how firms find out about that risk. FINRA has recognized that an activity can be mischaracterized, mistakenly or intentionally. An undisclosed outside activity can therefore conceal a securities transaction that should have been approved and supervised. Investments made this way sit outside the firm’s records and review, and the customer loses the oversight that comes with buying through the firm. Regulators treat an undisclosed outside securities transaction as a “red flag” that firms must investigate under their supervisory obligations. Firms facing selling-away claims often argue that the conduct was outside the scope of the representative’s employment, and investors may respond that the firm failed to supervise or ignored red flags.

Outside accounts. NYLife’s disclosure also refers to an undisclosed outside brokerage account. Separately, FINRA Rule 3210 imposes notification requirements when an associated person holds securities accounts at other financial institutions, and those transactions are excluded from the Rule 3280 definition of a private securities transaction.

A pending rule change. On September 15, 2026, the SEC approved FINRA Rule 3290, which will replace Rules 3270 and 3280 with a single outside-activities rule focused on investment-related activity. FINRA has not yet announced the effective date, and Rules 3270 and 3280 remain in effect until it does.

What This Means for Investors

Registered representatives must disclose outside business activities to their firms, and firms must supervise their representatives’ conduct. Investors who dealt with Page should confirm that every investment they hold appears on statements from the firm and should be wary of any investment offered outside the firm. Those with questions about an annuity application, or about any investment that may have been sold outside the firm (selling away), may wish to review their account records. Depending on the facts, investors may be able to recover losses through FINRA arbitration.

The Wolper Law Firm, P.A. represents investors nationwide in securities litigation and arbitration on a contingency fee basis. Matt Wolper, the Managing Principal, is a trial lawyer who has handledmore than 1,000 securities cases. Contact us at 800.931.8452 or mwolper@wolperlawfirm.com.