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Former NYLife Securities Broker Narith Long Has Five Customer Complaint Disclosures, Alleging Sales Practice Misconduct

Narith Long (CRD#: 6598152) is a previously registered Broker at NYLife Securities, LLC in Glendale, CA. He entered the securities industry in 2018 and previously worked for Northwestern Mutual Investment Services, LLC.

According to publicly available records released by the Financial Industry Regulatory Authority (FINRA), in July 2021, a customer complaint was filed against Narith Long, alleging: “Claimant alleges that in early 2020, the RR advised her to open a brokerage account with an outside broker-dealer, which the RR would manage with full discretion to trade on the complainant’s behalf. The complainant further alleged the RR’s investing was aggressive and speculative in nature, and ultimately caused her to suffer losses of not less than $45,000.00 for which she seeks reimbursement.” Damages of $45,000 are requested and the complaint remains pending.

In addition, Narith Long has been the subject of three customer complaints, including two that remain pending, including the following:

● June 2021–”Claimant alleges that on or around May 26, 2020, the RR advised her to open a brokerage account with an outside broker-dealer, which the RR would manage with full discretion to trade on the complainant’s behalf. The complainant further alleged that based on the RR’s actions, she incurred approximately $26,000 in losses for which she seeks reimbursement.” Damages of $26,000 are requested; the customer dispute remains pending.

● June 2021–”Claimant alleges that between August 2020 and November 2020, the RR advised her to open a brokerage account with an outside broker-dealer, which the RR would manage with full discretion to trade on the complainant’s behalf. The complainant further alleged that based on the RR’s actions, she incurred approximately $34,979.66 in losses for which she seeks reimbursement.” The customer dispute was settled for $3,720.60.

● May 2021–”The complainants allege that beginning in January 2019, the RR advised them to open a brokerage account with an outside broker-dealer, which the RR would manage with full discretion to trade on the complainant’s behalf. The complainant further alleged that based on the RR’s actions, they incurred approximately $80,000 in losses for which they seek reimbursement.” Damages of $80,000 are requested, and the customer dispute is pending.

● December 2020–”Mr. Long was terminated for violating company policy by engaging in unauthorized securities transactions. Mr. Long’s unauthorized activities involved him recommending consumers open brokerage accounts with a non-affiliated firm and then, using their log in information, he traded securities held in those brokerage accounts.” Narith Long was discharged from NYLife Securities LLC.

● November 2020–”The complainant alleged that between August 2020 – November 2020 the RR advised him to open a brokerage account with an outside broker-dealer, which the RR would manage with full discretion to trade on the complainant’s behalf. The complainant further alleged that based on the RR’s actions, he incurred approximately $217,190 in losses for which he is seeking reimbursement. On December 2, 2020, the complainant filed a FINRA Arbitration Statement of Claim seeking damages against the Firm.” The customer dispute remains pending; damages of $217,190 are sought.

● October 2020–”The complainant alleged that between August 4, 2020 – September 4, 2020 Mr. Long was selling away by trading securities on the complainant’s behalf through an outside broker-dealer using the complainant’s log in information to place the trades. The allegations included a claim for losses as a result of the trades placed by the RR in the outside brokerage account.” The customer dispute was settled for $17,120.

● July 2017–A financial compromise was satisfied/released.

● August 2016–A civil judgment/lien in the amount of $20,896 was filed against Narith Long.

● February 2012–Narith Long’s bankruptcy was discharged.

● October 2000–Narith Long was convicted of driving without a license. The following criminal charges were dismissed: possession of a false ID; false representation of identity to a peace officer; and driving with a suspended license.

For a copy of Narith Long’s FINRA BrokerCheck, click here.

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.

Reasonable basis suitability requires that a recommended investment or investment strategy be suitable or appropriate for at least some investors. Reasonable basis suitability requires an advisor to conduct adequate due diligence so that he or she can determine the risks and rewards of the investment or investment strategy.

Quantitative suitability requires a brokerage firm or financial advisor with actual or de facto control over a customer’s account to have a reasonable basis for believing that a series of recommended transactions – even if suitable when viewed in isolation – is not excessive and unsuitable for the customer when taken together in light of the customer’s investment profile. No single test defines excessive activity, but factors such as the turnover rate, the cost-equity ratio, and the use of in-and-out trading in a customer’s account may provide a basis for a finding that a member or associated person has violated the quantitative suitability obligation.

Customer-specific suitability requires that a member or associated person have a reasonable basis to believe that the recommendation is suitable for a particular customer based on that customer’s investment profile. Among the criteria that a financial advisor must evaluate to satisfy his or her customer-specific suitability obligations include the investor’s agee, tax status, time horizon, liquidity needs, and risk tolerance; a client’s other investments, financial situation and needs, investment objectives, and any other information disclosed by the customer should also be considered.

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.

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