The Financial Industry Regulatory Authority Inc. Thursday barred a broker who formerly worked at NYLife Securities Inc. and sold Future Income Payments, an alleged Ponzi scheme.
The broker, Kari M. Bracy, worked at NYLife Securities from 2009 to 2019. According to her profile on BrokerCheck, Ms. Bracy was under investigation by Finra as a result of her sale of the investments. Finra barred her, however, because she did not appear for testimony related to the investigation, a violation of securities industry rules.
Ms. Bracy agreed to the Finra settlement without admitting or denying its allegations.
According to her BrokerCheck profile, she faced one customer complaint stemming from the sale of Future Income Payments. The complaint was settled for $80,000, according to Finra.
Ms. Bracy did not immediately return a call on Friday afternoon for comment.
According to the Justice Department, Future Income Payments actively recruited pension holders who were desperate for money, including many veterans of the U.S. armed forces.
Future Income Payments diverted new investor funds flowing into the business to fund payments to earlier investors in order to keep the scheme operational, which is the definition of a Ponzi scheme. When the scheme ceased doing business in early 2018, investors were owed approximately $300 million.
The new AI feature generates instant client portfolio talking points, slashing meeting prep time for advisors.
As Citizens expands its advisory footprint, the bank is also going after wealth trapped inside business ownership
The Forbes rankings are highly sought after by some advisors and firms for marketing purposes.
Meanwhile, an advisor tuck-in from Edward Jones expands Kestra's Washington, D.C.-area presence, and Janney deepens its Connecticut footprint with an experienced Wells Fargo advisor.
KFN Succession Center pairs advisors weighing retirement with buyers, as next-gen affordability keeps eroding industry-wide.
Northern Trust’s Ken Lassner shows advisors how to convert volatility into after-tax portfolio gains
Dan Biagini of American Equity says the steady decline of pensions, longer lifespans and a reset in interest rates are rewriting how advisors build retirement income
