Goodman & Nekvasil P.A., May Recover Investor Losses on Future Income Payments | Gabe Hynes, Financial Advisor Suspended from Securities Industry
Gabe Hynes was a formerly licensed financial advisor with NYLife Securites LLC from 2001 to 2017. FINRA reports that Gabe Hynes resigned from NYLife Securities LLC on May 28, 2017. NYLife Securities LLC reported to FINRA that Gabe Hynes was permitted to resign after NYLife Securities LLC became aware Gabe Hynes violated company policy by failing to disclose: (a) multiple outside business activities and private securities transactions; (b) a brokerage account with an outside broker-dealer; (c) a federal tax lien.
FINRA reports that an arbitration claim involving Gabe Hynes’ conduct with NYLife Securities LLC has been filed, alleging that begging in 2017, Gabe Hynes misrepresented Future Income Payments, LLC (FIP) as a safe investment which would provide monthly payouts of 8% on a “guaranteed basis”. This arbitration claim is pending.
Goodman & Nekvasil, P.A. has already filed against two brokerage firms, Foresters Equity Services, Inc. and NYLife Securities LLC, on behalf of victimized Future Income Payments, LLC investors.
Future Income Payments, LLC (FIP LLC) claims to be “the industry leader and an innovator in buying and selling secondary market pension cash flows, often referred to as Structured Cash Flows.” The reality, according to the Wall Street Journal, is that this company was operated from a Nevada strip-mall mailbox by a 64-year-old felon, Scott Kohn. Future Income Payments appears shut, according to court filings. Based on Goodman & Nekvasil, P.A.’s investigation, Goodman & Nekvasil, P.A. believes that most investors will lose their entire investment. Also, at least 25 states have taken enforcement actions or are investigating the company.
FINRA also reports that Gabe Hynes was suspended from the securities and investment banking industry on August 15, 2017. FINRA reports that Gabe Hynes consented to the sanction and to the entry of findings that Gabe Hynes purchased securities issued by privately-held companies costing a total of $90,000. The findings stated that these transactions were outside the regular course and scope of Gabe Hynes’ employment with Gabe Hynes’ member firm. As a result, according to FINRA, Gabe Hynes was required to provide written notice to the firm before participating in them, but Gabe Hynes failed to provide the firm with any notice. The findings also stated that Gabe Hynes opened an account at another member firm and maintained the account throughout Gabe Hynes’ association with Gave Hynes’ firm. According to FINRA, Gabe Hynes deposited into the account the securities Gabe Hynes had purchased through the private offerings conducted away from Gabe Hynes’ firm. According to FINRA, Gave Hynes failed to notify the other member firm that Gabe Hynes was associated with Gabe Hynes’ firm and failed to notify Gabe Hynes’ firm that Gave Hynes had opened an account at another member firm.
If you purchase Future Income Payments from Gabe Hynes, you may be able to recover your losses from NYLife Securities LLC. This is because NYLife Securities LLC had a duty to supervise Gabe Hynes.
If you purchased Future Income Payments from Gabe Hynes, we would like to discuss the possibility of your retaining our firm to represent you in an arbitration action against NYLife Securities LLC concerning Gabe Hynes’ conduct. There is no charge for an evaluation of your case. Further, we handle our cases on a contingency fee basis. This means that unless we recover money for you, we charge no attorney’s fee. Unless you recover any money, you pay us nothing, not even the costs and expenses which the firm will advance on your behalf.
Kalju Nekvasil, Esq., formerly regional counsel with the NASD, now known as FINRA, has practiced in this area of the law for more than 35 years. Goodman & Nekvasil, P.A. has recovered more than $180 million on behalf of victimized investors. If you lost money on Future Income Payments with Gabe Hynes and would like your case evaluated by a securities attorney (again, there is no charge for an evaluation and all cases are handled on a purely contingency fee basis), please contact us.