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FINRA Disciplinary Action Against Jun Rong Chen

In July 2014, FINRA announced that Jun Rong Chen, previously employed by NYLife Securities LLC, submitted a Letter of Acceptance, Waiver and Consent in which he was barred from association with any FINRA member in any capacity. Without admitting or denying the findings, Chen consented to the sanction and to the entry of findings that he failed to appear and provide testimony to FINRA.

The findings stated that FINRA requested that Chen appear and provide testimony pertaining to allegations that he provided incorrect phone numbers for insurance company customers on traditional life insurance applications, used an address in his control to receive certain insurance company customers’ mail, used checks from his approved outside business activity to pay the insurance premiums for insurance company customers’ policies without there being identifiable familial relationships, personally purchased money orders to fund insurance policies for insurance company customers, knowingly submitted inaccurate change of ownership and beneficiary forms that indicated that there was a relationship between the insured and the new policy owners and beneficiaries, and obtained applications for traditional life insurance policies during his suspension from the insurance company and instructed a colleague to sign the applications as the soliciting agent and witness, when in fact the colleague had not met the policy holders. Chen advised FINRA, through counsel, that he would not appear and provide testimony, provide any further documents and information, or otherwise participate in FINRA’s investigation.