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Did Pascal Nguyen Recommend an Unsuitable Variable Annuity?

Dec 28, 2021 Investor Disputes

Pascal Nguyen (CRD #: 2131938), a broker registered with NyLife Securities, is involved in an investor dispute alleging he recommended an unsuitable variable annuity contract, according to his BrokerCheck record, accessed on November 26, 2021. Pascal Nguyen is also a registered investment adviser with Eagle Strategies. 

Investor Allegations 

 On August 10, 2021, an investor filed a dispute against Pascal Nguyen, alleging that he provided her with inappropriate investment advice regarding the purchase of a variable annuity, fixed annuities, and an insurance product. According to the investor, Pascal Nguyen's investment advice was not suitable for her financial situation. The customer is requesting a refund of the total investment of $250,000; the dispute is still pending. Variable annuities are complex investments and are not suitable for most investors.  

This is not Pascal Nguyen's first unsuitability dispute; on December 28, 2018, an investor filed a dispute alleging that in March 2016, Pascal Nguyen inaccurately explained and recommended an unsuitable Variable Universal Life (VUL) Insurance along with other fixed products. The investor requested an adjustment of the VUL’s coverage or a refund of all premiums paid but the dispute was denied. Investors should know that they can still recover their losses following a denial.  

A broker must have exercised due diligence and have an adequate reason for believing that an investment will also be suitable or beneficial for the investor. Under FINRA Rule 2111, registered brokers may be held liable if they provide an unsuitable investment recommendation or strategy that leads to losses. 

Prior Investor Dispute 

On December 17, 2008, an investor accused Pascal Nguyen of failing to follow her instructions to transfer funds from a variable annuity policy into a money market account following a financial downturn.  

Failure to follow customer instructions, both as directed and in a timely manner, violates FINRA Rule 2010, which requires all registered members to observe high standards of commercial honor and just principles in their business dealings. 

The damage amount requested was $63,115.00; however, the dispute was denied. Investors should know that they can still pursue FINRA arbitration and recover their losses following a denial. 

Background Information 

Pascal Nguyen 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 22 - Direct Participation Programs Representative Examination 
  • Series 6 - Investment Company Products/Variable Contracts Representative Examination 

Pascal Nguyen is a registered broker in nine states and is a registered investment advisor in Texas and California.   

Besides NyLife Securities and Eagle Strategies, Pascal Nguyen has not worked with any other firm.

Kurta Law Can Help 

If you worked with Pascal Nguyen 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 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.