NY Life Securities Terminated Financial Advisor, George Shadie, For “Concerns Regarding The Quality Of His Business”
George Shadie (CRD # 2513286) was a Financial Advisor at NY Life Securities in Wilkes Barre, PA. George Shadie has been in the securities industry since 1995 and spent his entire career at NY Life Securities
According to publicly available records, on February 7, 2019, NY Life “discharged” George Shadie “after the company’s review of his business practices raised a number of concerns regarding the quality of his business.”
In addition, George Shadie has been the subject of four customer complaints during his career, alleging sales practice allegations:
- November 2018—”Customer alleges that she did not consent to electronically sign various annuity and insurance application documents. Dates: 06/2017-11/2018.” The complaint, which was denied, alleges damages of $850,000.
- October 2018—”Customer’s attorney alleges that transactions in January and May 2018 in two Variable Annuities at another firm were initiated without her authorization. Customer demands rescission of all products purchased and compensation in the amount of $100,000.00.” The matter was settled for $60,000.
- July 2012—”THE CUSTOMERS ALLEGE THAT WITHOUT THEIR FULL KNOWLEDGE AND UNDERSTANDING, THE PROPOSAL TO PURCHASE FIXED IMMEDIATE ANNUITIES WAS IMPLEMENTED BY LIQUIDATING EXISTING STOCKS/MUTUAL FUNDS IN OR AROUND DECEMBER 2010 – JANUARY 2011. THE CUSTOMERS FURTHER CLAIM THAT THEY WOULD RECEIVE A DISCOUNT AS PART OF THEIR PURCHASE AND THAT THEY WERE BILLED $1228 FOR THEIR MEETING.” The matter was settled.
- February 2012—”REGARDING THE PURCHASE OF A FIXED IMMEDIATE ANNUITY IN AUGUST 2011, THE CUSTOMER ALLEGES THAT THE SIGNATURE ON A TAX FORM DATED AUGUST 1, 2011 IS NOT HIS AUTHENTIC SIGNATURE. THE CUSTOMER FURTHER ALLEGES THAT HE RECEIVED MISLEADING INFORMATION REGARDING THE TAX CONSEQUENCES OF A WITHDRAWAL FROM HIS VARIABLE ANNUITY THAT FUNDED THE NEW POLICY.” The matter was settled for $97,467.
For a copy of George Shadie’s BrokerCheck report, click https://brokercheck.finra.org/individual/summary/2513286#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.
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