FINRA recommends sanctions against former NYLife rep after investigation into false expense reports

On Behalf of | Jan 3, 2022 | FINRA Compliance

A former representative for New York Life has been accused of violating FINRA rules for not cooperating with an investigation into false expense reports, according to Financial Advisor.

The case involves Roger Braxton II, who worked for NYLife from 2015 until he was terminated in April 2020. The action came after the company conducted an internal investigation over the accuracy of expense reports he submitted for purchases made through Amazon.

Following his firing, FINRA’s Department of Enforcement asked Braxton for documents he submitted to NYLife for reimbursement for various Amazon purchases. The authority said Braxton responded with a list of the payments but not any documents about the purchases, claiming he could not download them because they occurred too long ago.

FINRA subsequently made three more written requests to Braxton via first class and certified mail asking more information about the matter, including steps he took to collect receipts for the Amazon purchases and any correspondence he sent or received from Amazon customer service. In each case, FINRA said the certified mail receipts were signed and returned, but the documents that had been requested were not submitted.

The authority said Braxton impeded its investigation and deprived it of material information, in violation of FINRA Rules 8210 and 2010. FINRA’s Department of Enforcement has requested that disciplinary action be imposed against Braxton, including monetary sanctions. The case has now been turned over to a hearing panel.

The FINRA investigation attorneys at Lewitas Hyman have represented clients in regulatory matters while working at Morgan Stanley and in private practice at some of the world’s largest law firms. Therefore, we understand the complexities that come with being the subject of a regulatory inquiry, and we have the experience to guide and advise you through any type of regulatory investigation. If you are the subject of a regulatory proceeding, contact us at (312) 291-4600 or through our online contact form for a free consultation.

Share This