• November 21, 2019
• NY Life Securities

Timothy R. Millis (CRD # 706959) was a Financial Advisor at NYLife Securities LLC in Okemos, MI.  Timothy Millis has been in the securities industry since 1980 and previously worked at Valic Financial Advisors, Inc., The Variable Annuity Marketing Company and American Capital Financial Services, Inc.

According to publicly available records released by the Financial Industry Regulatory Authority (FINRA), on November 11, 2019, Timothy Millis was suspended by FINRA for allegedly recommending “unsuitable short-term Class A mutual fund transactions to customers.  The findings stated that although Millis understood that these mutual fund shares are long-term investments, he recommended the purchase and subsequent sale of the mutual fund shares after the customers held them for short periods.  As a result of these short-term trades, the customers were charged approximately $174,725 in upfront sales charges.”

For a copy of Timothy Millis’ FINRA sanction click https://www.finra.org/sites/default/files/fda_documents/2017056197101%20Timothy%20Robert%20Millis%20CRD%20706959%20AWC%20jm.pdf.

In addition, Timothy Millis was the subject of a customer complaint alleging that “from February 2017 through September 2018, the customer incurred front-end sales charges when proceeds from a variable annuity withdrawal were subsequently transferred to the customer’s brokerage account.”  The matter settled for $50,279.06.

In April 2018, Timothy Millis was “permitted to resign” from NYLife Securities “after a review of his business identified a pattern of unsuitable mutual fund switches.

Timothy Millis also reports a 2015 tax lien for $32,138.32 and a 2012 bankruptcy

For a copy of Timothy Millis’ CRD, click https://brokercheck.finra.org/individual/summary/706959#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, P.A. represents investors nationwide in securities litigation and arbitration on a contingency fee basis.  Matt Wolper, the Managing Principal of the Wolper Law Firm, P.A., 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.