Securities Arbitration Lawyers BlogDid You or Your Loved One Let NYLIFE Broker Cynthia Bolker Borrow Money or Manage Investments?
California-based broker is now permanently barred from securities industry by FINRA; allegations raise possibility of elder financial fraud
As a broker, it is typically against brokerage firm policy for financial advisors to borrow money from customers. This allegedly did not stop NYLIFE Securities, LLC broker Cynthia Bolker in San Diego, CA from borrowing at least $745,800 from individuals, two of whom were customers at her member firm, to pay for her personal expenses.
According to the Financial Industry Regulatory Authority (FINRA) disciplinary action document, on at least 37 occasions between approximately June 2010 and July 2015, Bolker borrowed at least $745,800 from ten individuals to pay for her personal expenses.