Narith Long Involved in Two Selling Away Disputes

Narith Long (CRD #: 6598152), a former broker with NYLife Securities, is involved in an investor dispute, according to his BrokerCheck record, accessed on September 14, 2021. All of his recent disputes involve “selling away,” which is a type of financial misconduct that involves selling securities outside of the broker’s registered firm.

On July 21, 2021, an investor alleged that in early 2020, Narith Long advised her to open a brokerage account with an outside broker-dealer, which Long would manage on behalf of the investor. The investor further alleged that Narith Long had traded aggressively and made risky, speculative trades. The investor is seeking $45,000; the dispute is pending.

There is another pending dispute with similar allegations. On May 14, 2021, investors alleged that Narith Long also advised them to open an outside brokerage account which Long would manage for them and trade on the investor’s account. The investor is seeking $80,000; the dispute is pending.

FINRA Rule 2111 

FINRA Rule 2111 requires brokers to evaluate whether an investment fits their investor’s financial goals.

Some common violations of this rule include:

• Excessive trading, which violates the need for quantitative suitability. This means that the number of trades must suit an investor’s goals. Excessive trading is also known as “churning.” 
• Recommendations of unsuitable investment strategies. For instance, overconcentration of securities in a certain stock or sector is typically unsuitable due to the degree of risk.
• Recommendations of high-risk or illiquid investments. These investments may lead to high fees for the investor.

Investors who rely on brokers for recommendations may be able to recover their losses by pursuing FINRA arbitration.

Settled Investor Disputes

There are four other disputes on Narith Long’s record with similar selling away allegations. These disputes were collectively settled for approximately $260,530.

Employment Termination

On December 1, 2020, NYLife Securities fired Narith Long following allegations that he engaged in unauthorized activities – specifically his recommendation of outside brokerage accounts.

Background Information

Narith Long has passed the following exams:

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

Narith Long has worked with the following firms:

• NYLife Securities (CRD #: 5167)
• Northwestern Mutual Investment Services (CRD #: 2881)

Kurta Law Can Help 

If you have worked with Narith Long and have concerns about your investments, don’t hesitate to contact us today 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.