New York Life Securities terminated Long’s employment on December 1st, 2020. The company terminated him for engaging in unauthorized securities transactions. This activity included recommending to his customers that they open brokerage accounts with a separate, non-affiliated firm. Once the clients opened these brokerage accounts, Long went in using their login information and traded securities that were held in these non-firm accounts.
FINRA requested information from Long, which he failed to provide. Therefore, FINRA issued notices of Suspension and Suspension from Association letters on September 1st, 2021, and September 27, 2021. Long then failed to request termination of his suspension within three months of the Notice of Suspension. As of December 6th, 2021, Narith Long is now permanently barred from any association with FINRA members in all capacities.
Narith Long is also the subject of several customer disputes. The most recent dispute was filed nearly a year after his discharge from New York Life Securities on November 24th, 2021. It is currently listed as “pending.” In it, the client alleges that in 2020, Long advised her to open new brokerage accounts with outside broker dealers in the same fashion as described after his discharge by New York Life Securities. The customer also alleged that Long implemented a high-risk, high-volume, and high-frequency investment strategy that led to the loss of $80,000. She is requesting damages of $80,000, as well as reimbursement for attorneys fees, punitive damages, interest, and consulting.
A similar case filed on May 14th, 2021, also seeking damages of $80,000, is still listed as “pending.”
Five additional customer disputes filed between October 19th, 2020, and July 21st, 2021 have been settled. The aggregate dollar amount of damages requested for the five claims totals $340,289.66, and the cases were settled separately for a total of $290,240.60. Allegations in all five cases were nearly identical, indicating that long requested them to open a brokerage account outside of the firm, and allow him to make considerable trading activity in the new brokerage accounts. This activity eventually led to his termination from New York Life Securities.
In 2016, Long’s record indicates a civil judgment of $20,896.66. Nearly a year later, his record indicates a compromise of a financial disclosure that was satisfied and released.
Did You Invest With Narith Long?
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