Investors Allege Daniel Loy Misrepresented Alternative Investments

Daniel Loy (CRD #: 3029654), a broker registered with Independent Financial Group, allegedly misrepresented investments, according to his BrokerCheck record, accessed on June 27, 2022. Keep reading if you have questions about Daniel Loy’s conduct as a broker.

Investor Disputes

On April 13, 2022, an investor alleged that, between 2013 and 2015, Daniel Loy misrepresented alternative investment products in the following ways: that they would provide more diversification, that these were suitable investments, and that these investments would generate a return of principal in approximately 3-5 years.

The investor sought $1,500,000 in this dispute. 

On September 1, 2021, an investor alleged that, in or around 2014, Daniel Loy misled them and recommended an unsuitable investment strategy involving various illiquid alternative investments. The client seeks $150,000 in damages in this pending dispute.

FINRA Rules 2111 and 2020

FINRA Rule 2111 requires brokers to evaluate whether an investment fits their investor’s financial goals. Brokers must examine the investor’s profile, which contains the following investor characteristics:

• Age
• Financial goals
• Risk tolerance
• Time horizon (i.e., how long the investment will be held)
• Investing experience
• Tax status

FINRA Rule 2020 bans the use of manipulative, deceptive, and otherwise fraudulent tactics to influence the purchase and sale of securities. This includes misrepresenting or omitting facts about securities, such as their limitations, risks, or potential returns.

Discharge from Voya Financial Advisors

On September 29, 2015, Daniel Loy was permitted to resign from Voya Financial Advisors after allegedly attempting to resign while under heightened supervision for using an unapproved email and failing to submit two pieces of advertising for firm approval.

FINRA Rule 2210

FINRA Rule 2210 requires firms to review and approve all communications with the public, including advertising.

Background Information

Daniel Loy has passed the following exams:

• Series 65 – Uniform Investment Adviser Law Examination
• Series 63 – Uniform Securities Agent State Law Examination
• SIE – Securities Industry Essentials Examination
• Series 7 – General Securities Representative Examination

Daniel Loy is a registered broker in six states and a registered investment adviser in California and Texas.

He has also worked for the following firms:

• Voya Financial Advisors (CRD#:2882)
• MetLife Securities (CRD#:14251)
• Metropolitan Life Insurance Company (CRD#:4095)
• Mony Securities (CRD#:4386)
• Citicorp Investment Services (CRD#:23988)

Kurta Law Can Help

If you worked with Daniel Loy and you have concerns about your investments, please contact us today at 877-600-0098 or info@kurtalawfirm.com for a free consultation.

For over 20 years, Kurta Law has advocated on behalf of investors who want to recover their investment losses from brokers and brokerage firms. Kurta Law is a nationally recognized law firm and exclusively represents investors against brokers and brokerage firms on a contingency basis. This means that the firm only earns a fee if our securities attorneys recover money on your behalf.