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Michael Damon Subject of Variable Annuity Disputes

Michael Damon (CRD #: 4501030), a broker registered with NYLife Securities, is the subject of an investor dispute. This is according to his BrokerCheck record, accessed on January 19, 2024. Keep reading if you have questions concerning his alleged conduct. 

On October 24, 2023, an investor alleged Michael Damon recommended variable annuities that were not suitable for her financial situation. The dispute was denied, but investors should know that firms can deny disputes without an external review. Investors may be able to recover their losses after a denial by pursuing FINRA arbitration.

FINRA Rule 2330

FINRA Rule 2330 requires brokers to have a reasonable basis to believe that their recommendation of a deferred variable annuity is suitable for the investor.

FINRA Rule 2010

FINRA Rule 2010 holds brokers to high standards of commercial honor and just and equitable principles of trade. Unsuitable recommendations of variable annuities violate this rule. 

Background Information 

Michael Damon 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 6 Investment Company Products / Variable Contracts Representative Examination 

He is a registered broker in 15 states and is a registered investment adviser in Massachusetts. 

In addition to NYLife Securities (CRD #: 5167), Michael Damon has registered with Eagle Securities (CRD #: 110826). 

Kurta Law Can Help 

If you have worked with Michael Damon and you have concerns about your investments, do not hesitate to contact us at 877-600-0098 or 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.

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