NEW YORK, NY, UNITED STATES, September 23, 2024 /EINPresswire.com/ — National investment loss and securities lawyers KlaymanToskes issues an important notice to customers of NYLife Securities and former financial advisor Paris Lewis, after their unsuitable investment recommendations and misappropriation of client funds caused an investor to suffer $150,000 in damages. The law firm urges all customers of NYLife Securities who suffered investment losses with Paris Lewis and/or any other financial advisor to contact the firm immediately at 888-997-9956.
KlaymanToskes reports the firm has filed a FINRA arbitration claim (no. 24-01935) against NYLife Securities and their affiliates, as well as Metropolitan Life Insurance Company, on the behalf of an investor who is seeking to recover $150,000 in damages, in connection with misappropriated funds, unauthorized withdrawals, and the resulting lapse of a life insurance policy, by her financial advisor, Paris Lewis (CRD# 2335964).
According to the claim filed by KlaymanToskes, financial advisor Paris Lewis, while employed by MetLife Securities and later NYLife Securities, misappropriated funds from his client, a disabled retiree. The client entrusted Lewis to manage her retirement savings, including a New York Life Premier Plus Variable Annuity II, which was intended to provide income during her retirement years. However, Lewis reportedly made unauthorized withdrawals from both her annuity and other accounts. These withdrawals diverted funds meant for the annuity and the customer’s whole life insurance policy, ultimately causing the policy to lapse and leaving the customer without coverage.
The law firm’s investigation found that NYLife and MetLife failed to properly supervise Lewis, allowing the misappropriation and financial misconduct to continue unchecked, resulting in significant financial losses for the customer. NYLife terminated Lewis in December 2019 for allegations related to violating company policy by borrowing money from a client, however, the customer was not aware of his termination. Lewis continued to communicate with the customer and acted as her financial advisor, misleading the customer into believing he was still employed by the firm.
In July 2023, the customer filed a complaint with NYLife regarding the wrongful conduct of Lewis, alleging that she did not make the withdrawals in the annuity which had depleted the policy. NYLife denied the claim. In September 13, 2023, another customer alleged that Lewis made two large unauthorized withdrawals from a variable annuity in their account, which is the same allegation made by the customer.
Customers of Paris Lewis and/or any other financial advisor who suffered investment losses at NYLife Securities are encouraged to contact attorney Steven D. Toskes, Esq. at (888) 997-9956 or by email at investigations@klaymantoskes.com in furtherance of our investigation.
KlaymanToskes is a leading national securities law firm which practices exclusively in the field of securities arbitration and litigation on behalf of retail and institutional investors throughout the world in large and complex securities matters. The firm has recovered over $250 million in FINRA arbitrations and over $350 million in other securities litigation matters. KlaymanToskes has office locations in California, Florida, New York, and Puerto Rico.
Steven D. Toskes, Esq.
KlaymanToskes, P.A.
+1 888-997-9956
investigations@klaymantoskes.com