Investor Alleges that Oscar Vallejo Misled Him About VUL Policy

Oscar Vallejo (CRD #: 1332304), a broker registered with NYLIFE Securities, allegedly misled an investor, according to his BrokerCheck record, accessed on June 15, 2023. Keep reading if you have questions about his alleged conduct as a broker.

Investor Dispute

On May 1, 2023, an investor alleged that Oscar Vallejo misled him in relation to the purchase of a Variable Universal Life insurance policy (VUL) in March 2004. This dispute is currently pending.

FINRA Rule 2020

FINRA Rule 2020 bans the use of manipulative or deceptive tactics, like the misrepresentation or omission of material facts, with regard to the purchase and sale of securities.

FINRA Rule 2010

FINRA Rule 2010 holds brokers to high standards of commercial honor and just and equitable principles of trade.

What is Variable Universal Life Insurance?

A Variable Universal Life insurance policy (VUL) has two notable features: a tax-free death benefit for beneficiaries and an investment portfolio. Part of each premium payment is invested—but returns depend on the performance of these investments, so the policy is not guaranteed to increase in value. Additionally, VULs are often at risk for lapsing, which negates their tax benefits.

Background Information

Oscar Vallejo 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

Oscar Vallejo is a registered broker in Florida, New Jersey, and New York.

He has also worked for AXA Advisors (CRD#:6627) and The Equitable Life Assurance Society of the United States (CRD#:4039).

Kurta Law Can Help

If you worked with Oscar Vallejo 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.