William Helms Humbarger (CRD #1144599) Has 13 Customer Dispute Disclosures on FINRA BrokerCheck

William Helms Humbarger (CRD #1144599) was previously registered with NYLIFE Securities LLC and has 13 customer dispute disclosures on FINRA BrokerCheck. We reviewed his BrokerCheck report on March 18, 2026. It reflects 13 customer disputes. If you invested with William Humbarger and have concerns, keep reading.

BrokerCheck link: BrokerCheck

BrokerCheck report: BrokerCheck Report (PDF)

Investor Disputes / Customer Complaints

William Humbarger’s FINRA BrokerCheck Report reflects 13 customer dispute disclosures. Below are two examples. BrokerCheck reports 11 additional customer dispute disclosures.

On January 13, 2026, a customer alleged William Humbarger replaced existing whole life policies with two variable universal life policies in January 2006 based on an understanding that only $1.00 per year would be needed to keep coverage for life. William Humbarger’s FINRA BrokerCheck report lists the product type as insurance. NYLIFE Securities LLC denied the complaint on January 21, 2026. BrokerCheck says the firm made a good-faith determination that claimed damages would exceed $5,000.

On August 13, 2020, plaintiffs alleged William Humbarger misled them into exchanging life insurance policies for variable universal life policies that carried significant surrender charges and were not suitable. William Humbarger’s FINRA BrokerCheck report shows the matter was filed in the Circuit Court of Sunflower County, Mississippi. The claim settled on March 15, 2022, for $187,500, and BrokerCheck lists no individual contribution by Humbarger.

Rule Summary #1: FINRA Rule 2111 (Suitability)

FINRA Rule 2111 requires a broker to have a reasonable basis for a recommendation. It also requires the recommendation to fit the customer’s investment profile. Disputes about variable universal life policies can raise questions about whether the exchange matched the customer’s needs, goals, and liquidity concerns.

Rule Summary #2: FINRA Rule 2210 (Communications with the Public)

FINRA Rule 2210 requires communications with the public to be fair and balanced. It also bars misleading statements or the omission of key facts. Claims involving policy exchanges can raise questions about how risks, costs, and premium expectations were described.

Why This Matters to Investors (Regulation Best Interest)

Regulation Best Interest (Reg BI) is a U.S. securities regulation. It strengthens the standard of conduct that broker-dealers owe to retail investors. It applies when they recommend securities transactions or investment strategies. The U.S. Securities and Exchange Commission adopted Reg BI. It became effective on June 30, 2020. Reg BI aims to protect investors while preserving access to brokerage products and services.

Reg BI requires broker-dealers and financial advisors to act in a retail customer’s best interest at the time of a recommendation. They must not place their own financial or other interests ahead of the customer’s. This standard is higher than the older “suitability” rule. Suitability meant a recommendation only had to be appropriate. It did not have to be the best option or free of conflicts.

Reg BI has four key obligations:

Disclosure Obligation – Broker-dealers must disclose material facts about the relationship and the recommendation. This includes fees, the scope of services, and conflicts of interest.

Care Obligation – Broker-dealers must use reasonable diligence, care, and skill. They must consider costs, risks, and alternatives when making a recommendation.

Conflict of Interest Obligation – Firms must identify conflicts of interest. They must disclose them and mitigate or eliminate them. This includes conflicts that create incentives to favor one product over another.

Compliance Obligation – Firms must maintain policies and procedures. Those policies should be designed to ensure compliance with Reg BI as a whole.

Reg BI applies to each recommendation. It is not a continuous duty like the fiduciary standard for registered investment advisers. Even so, it narrows the gap. It puts more focus on costs, conflicts, and investor-focused decision-making.

Overall, Regulation Best Interest promotes transparency. It also aims to improve the quality of investment recommendations. It is designed to reinforce trust between retail investors and broker-dealers in the U.S. securities markets.

Background Information (from BrokerCheck)

Based on his FINRA BrokerCheck report, William Humbarger:

Was previously registered with NYLIFE Securities LLC.

Is not currently registered as a broker.

Has passed the Securities Industry Essentials (SIE) exam. William Humbarger has also passed Series 22, Series 6, and Series 63.

Kurta Law Can Help

If you have worked with William Humbarger and you have concerns about your investments, Kurta Law may be able to help you evaluate your legal options. To speak with Kurta Law, call 877-600-0098 or email info@kurtalawfirm.com.

Helpful resources: Unsuitable Investments | Securities Attorney

For nearly 20 years, Kurta Law has advocated for investors and helped hold financial professionals accountable. Our firm represents clients nationwide in securities arbitration and related disputes. If you believe a broker or firm mishandled your account, an attorney can review the facts and explain possible next steps.