Publicly available records recently provided by the Financial Industry Regulatory Authority (FINRA) indicate that broker/advisor Piero B. DiLorenzo (CRD # 4670150), formerly with Melville, NY based NYLife Securities LLC (CRD # 5167) was recently barred from the securities industry by FINRA’s Department of Enforcement. The sanction occurred as a result of an investigation into his termination from NY Life after the company stated on his license that he “was terminated after the company became aware he submitted eight electronic variable annuity applications and policy documents without the customers’ authorization or knowledge.” The Law Office of Kevin J. Deloatch, Esq. is interested in speaking to investors who have complaints regarding Mr. DiLorenzo.
Registration Background for Piero B. DiLorenzo
Mr. DiLorenzo became registered in the securities industry in 2005 and was most recently registered with NYLife Securities LLC from April 2014 to July 2019. His prior registrations include PFS Investments Inc. (CRD # 10111) from September 2003 to June 2006.
FINRA’s Finding and Conclusions
FINRA’s investigation led to Mr. DiLorenzo entering into a Letter of Acceptance, Waiver and Consent (AWC) with FINRA on April 13, 2020. According to the AWC dated April 13, 2020, Mr. DiLorenzo consented to, without either admitting to or denying, the following findings by FINRA’s Department of Enforcement:
- “On March 18, 2020, FINRA staff, in connection with an investigation into whether [Mr. DiLorenzo] submitted variable annuity applications and other documents without customer authorization, sent a request to [Mr. DiLorenzo] to appear for on-the- record testimony pursuant to FINRA Rule 8210 on April 17, 2020”;
- In response to FINRA’s request, Mr. DiLorenzo informed FINRA on March 19, 2020 through his counsel, that he had received the request but “will not appear for on-the-record testimony at any time”; and
- By refusing to appear for on-the-record testimony, Mr. DiLorenzo violated FINRA Rule 8210 and FINRA Rule 2010.
FINRA Sanctions Piero B. DiLorenzo
As a result of such violations and in addition to the above described findings and conclusions, FINRA’s April 7, 2020 AWC also indicates that Mr. DiLorenzo consented to the sanction of being barred from association with any FINRA member firm in any and all capacities.
If you or someone you know has or had a brokerage account with Piero B. DiLorenzo and have concerns regarding losses in your investments or possible fraud, you may be entitled to recover lost funds. The Law Office of Kevin J. Deloatch, Esq. has an extensive securities law practice and over 30 years of experience on Wall Street. Call today at (646) 792-2156 for a free consultation. The time to file your claim may be limited so you should call today to avoid delay.
