Douglas Farris is Facing Allegations that He Misled Investors

Douglas Farris (CRD #: 2973692), a broker registered with NYLife Securities, is the subject of an investor dispute. This is according to his BrokerCheck record, accessed on May 7, 2024. Investors should know that this is the fourth investor dispute on his record. 

Investor Allegations 

On February 7, 2024, investors alleged that Douglas Farris misled them and provided inadequate education regarding a variable universal life insurance policy. The investors requested reimbursement of all premiums paid since the inception of the policy. The investor sought $190,400 and the dispute settled for $157,912.54. 

VULs

Variable Universal Life insurance policies (VULs) have two major features: a tax-free death benefit for beneficiaries and the investment of investors’ premiums. Because the value of a VUL policy depends on the performance of these investments, it’s not guaranteed to increase in value over time. Additionally, you’ll lose a VUL’s tax benefits if it lapses.

Background Information 

Douglas Farris has passed the following exams:

• Series 63 Uniform Securities Agent State Law Examination 
• SIE – Securities Industry Essentials Examination 
• Series 6 Investment Company Products / Variable Contracts Representative Examination 

He is a registered broker in California, Kentucky, North Carolina, and Ohio. 

During his 23 years of experience, Douglas Farris has registered with three firms: 

• NY Life Securities (CRD #: 5167) 
• MetLife Securities (CRD #: 14251) 
• Metropolitan Life Insurance Company (CRD #: 4095) 

Kurta Law Can Help 

If you have worked with Douglas Farris and have concerns about your investments, do not hesitate to contact us at 877-600-0098 or email info@kurtalawfirm.com for a free consultation. 

For nearly 20 years, Kurta Law has advocated for investors to recover their investment losses from brokers and brokerage firms. Kurta Law is a nationally recognized law firm that 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. Do not let securities fraud go unchecked. Start your recovery process today.