Kons Law is representing California investors to pursue recovery of investment losses suffered with Glendale, California financial advisor Narith Long, call (860) 920-5181 today for a FREE Consultation regarding your investment loss recovery options.
Narith Long”Trading Away” Investment Loss Recovery Options
According to public disclosures through FINRA BrokerCheck, Narith Long has been named or is otherwise involved in a total of four customer complaints during the course of his career as a financial advisor. Specifically, one written customer complaint concerning Narith Long—who was previously employed by NYLIFE Securities LLC (NY Life) as a financial advisor from December 2019 until his termination from employment in December 2020—alleged that “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.” This matter resulted in a settlement of $17,120.
Furthermore, Mr. Long has been named or is otherwise involved in three pending securities arbitration disputes before the Financial Industry Regulatory Authority (FINRA). These pending FINRA proceedings each concern the same general allegations, namely that Mr. Long engaged in misconduct by advising each customer to “open a brokerage account at an outside broker-dealer” in order that Mr. Long could then trade on a discretionary basis on the customer’s behalf. These three pending FINRA disputes allege aggregate damages of approximately $330,000, in connection with trading losses incurred by Mr. Long’s purported discretionary trading in outside brokerage accounts held away from his then-employer, NY Life.
Pursuant to FINRA Rule 3110 (NASD Rule 3010), brokerage firms like NY Life must “establish and maintain a system to supervise the activities of each associated person that is reasonably designed to achieve compliance with applicable securities laws and regulations, and with applicable FINRA rules.” It is critical for broker-dealers like NY Life to not only establish such a supervisory system, but furthermore to properly exercise and maintain their supervision, by among other things, periodically meeting with individual financial advisors to discuss the products they are selling and their sales methods, as well as to examine correspondence with customers.
How Can I Recover Money from my investments with Narith Long?
If you are an investor that has suffered losses investing in private securities transactions with Narith Long, you may be able to pursue recovery of your losses through FINRA arbitration or securities litigation. Please call Kons Law Firm at (860) 920-5181 for a FREE, NO OBLIGATION consultation to discuss your investment loss recovery options.
Kons Law Firm represents investors throughout California and the United States in securities arbitration and litigation matters. To learn more about the Firm’s securities litigation and FINRA arbitration practice, please visit www.investmentlossattorney.com.