California-based broker is now permanently barred from securities industry by FINRA; allegations raise possibility of elder financial fraud
As a broker, it is typically against brokerage firm policy for financial advisors to borrow money from customers. This allegedly did not stop NYLIFE Securities, LLC broker Cynthia Bolker in San Diego, CA from borrowing at least $745,800 from individuals, two of whom were customers at her member firm, to pay for her personal expenses.
According to the Financial Industry Regulatory Authority (FINRA) disciplinary action document, on at least 37 occasions between approximately June 2010 and July 2015, Bolker borrowed at least $745,800 from ten individuals to pay for her personal expenses.
Two of those individuals were Bolker’s customers at NYLIFE Securities at the time she borrowed from them. Specifically, Bolker borrowed $4,800 from a customer in August 2010 and $12,000 from a customer in May 2014. Bolker did not disclose to her firm that she borrowed from the customers, though she understood that the firm’s policies and procedures prohibit borrowing from customers.
In addition, Bolker allegedly provided false and misleading information to the firm. On several occasions during the firm’s internal investigation, Bolker is reported to have claimed she had not borrowed from any NYLIFE Securities customers. Bolker is reported to have known these statements were false when she made them.
If you or someone you love has fallen victim to possible transgressions by Cynthia Bolker, or any broker or financial advisor, it is important to know you have rights. Through securities arbitration, you may even be able to recover monetary losses due to broker or firm behavior.
The attorneys at Silver Law Group are leaders in the field of securities arbitration and elder financial fraud. We represent individual and institutional investors across the United States who have lost money at the hands of a trusted financial advisor. Scott Silver is currently the chairman of the American Trial Lawyers Association, Securities and Financial Fraud Group and routinely represents investors in securities arbitration claims and cases of financial elder abuse.
If you lost money, we may be able to help you recover it. Fill out our contact form for a free consultation from an experienced elder financial fraud lawyer.