In a recent financial dispute, a customer found resolution by accepting a one-time settlement offer from NYLIFE SECURITIES LLC. The issue arose after a requested review of the customer’s accounts revealed that the purchase of a fixed annuity in November 2016 contained proceeds of two existing variable annuities, which provided better rates.
Details of the Settlement
The customer, Krishnamurthy Prasad, was associated with NYLIFE SECURITIES LLC (CRD 5167) from January 7, 1999, to August 30, 2018. He was also affiliated with EAGLE STRATEGIES LLC (CRD 110826) from August 20, 2012, to August 30, 2018. Following the review of his accounts, the settlement amount was determined to be $9,265.13.
The settlement was reached on July 3, 2023, after the customer accepted the company’s written offer. The dispute was settled, with the customer receiving the agreed amount as a one-time payment.
Key Points of the Dispute
- The customer’s account review revealed the purchase of a fixed annuity in November 2016.
- This annuity contained proceeds of two existing variable annuities.
- The variable annuities provided a better rate than the fixed annuity.
- The company offered a one-time settlement to the customer, which was accepted.
Recovering Losses with FINRA Arbitration
Financial disputes, such as the one involving Mr. Prasad and NYLIFE SECURITIES LLC, often lead to the question of how investors can recover their losses. One viable method is through the Financial Industry Regulatory Authority (FINRA) arbitration.
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FINRA arbitration is a faster, simpler, and less expensive alternative to litigation. It is a fair and efficient process that allows investors to recover their losses from investment disputes. The process involves an impartial arbitrator who listens to both sides, reviews the evidence, and then makes a decision.
Investors who believe they have been wronged can file a claim with FINRA. The organization then assigns an arbitrator or panel of arbitrators to hear the case. The arbitrators review the facts, listen to the arguments from both sides, and then make a decision. If the decision is in favor of the investor, the broker or brokerage firm may be ordered to pay damages.
It’s important to note that investors have a limited time to file a claim, typically six years from the event. However, the time may vary based on the type of dispute and the rules in the investor’s state.
Investors who believe they have been wronged are encouraged to consult with a legal or financial advisor to understand their rights and options.