FINRA

Respondent Mullan failed to respond to FINRA request for information.

Letter

Bar (Permanent)

All Capacities

Indefinite

9/18/2017

Pursuant to FINRA Rule 9552(h) and in accordance with FINRA's Notice of Suspension and Suspension from Association letters dated June 15, 2017 and July 10, 2017 respectively, on September 18, 2017, Mullan is barred from association with any FINRA member in all capacities. Respondent failed to request termination of his suspension within three months of the date of the Notice of Suspension; therefore, he is automatically barred from association with any FINRA member in all capacities.

POLICYOWNER ALLEGES THAT RR MULLAN FAILED TO ADVISE HIM OF LIQUIDITY RISKS IN VARIABLE ANNNUITY PRODUCTS, MADE MISLEADING STATEMENTS AND TOOK ADVANTAGE OF HIS TRUST AND SOLD HIM UNSUITABLE VARIABLE ANNUITY PRODUCTS IN FEBRUARY AND MARCH 2015. THE POLICYOWNER IS ASKING FOR RETURN OF ALL PREMIUMS PAID IN HIS VARIABLE ANNUITY POLICIES LESS ANY WITHDRAWALS AND TO REIMBURSE HIM FOR MARKET LOSSES IN HIS NYLIFE BROKERAGE ACCOUNT.

$43,304.14

Client alleged FA promised he would enroll her in a conservative investment that would guarantee her growth without market risk. (9/1/2011-9/15/2011)

THE CUSTOMERS VERBALLY ALLEGED THERE WERE UNAUTHORIZED MUTUAL FUND TRANSACTIONS IN THEIR ACCOUNTS IN 2015. THE CUSTOMERS ALSO ALLEGE THE RR FAILED TO PROPERLY ESTABLISH THEIR REQUIRED MINIMUM DISTRIBUTIONS CAUSING A TAX CONSEQUENCE.

$5,226.23

$18,070.04

Customers allege the recommendation to fund a fixed annuity purchased in or around October of 2015 by surrendering a variable annuity purchased at another broker dealer was not suitable given their investment objectives. Customers further allege they were never made aware of the sales charges associated with purchases within their NYLIFE brokerage accounts, and that certain trades were effectuated without their knowledge. Customers are requesting the fixed annuity be rescinded and the surrender charges incurred be refunded.

$120,465.56

NYLIFE SECURITIES LLC

Discharged

AMONG OTHER ISSUES, MR. MULLAN WAS TERMINATED FOR UNSUITABLE SALES. MR. MULLAN DISPUTES THE ALLEGATIONS.

THE CUSTOMERS ALLEGE IN OCTOBER AND NOVEMBER 2015 THERE WERE UNAUTHORIZED PURCHASES AND SALES OF MUTAL FUNDS MADE IN THEIR ACCOUNT.

$80,000.00

$144,866.62

AGGRAVATED ASSAULT WITH A DEADLY WEAPON WITHOUT INTENT TO KILL

NOLLE PROSEQUI

NEGLIGENCE; BREACH OF FIDUCIARY DUTY;FAILURE TO FOLLOW INSTRUCTION;AND BREACH OF CONTRACT

$500,000.00

THE LITIGATION STAYED BY THE COURT PENDING THE OUTCOME OF THE ARBITRATION

04/02-05/02; ATTORNEY FOR CLIENT CLAIMS THE CLIENT TRANSFERRED IN $36000.00 FROM CHARLES SCHWAB AND HALF OF THE FUNDS WERE TO BE INVESTEED IN MONEY MARKET FOR EMERGENCY FUND; HOWEVER, ATTORNEY CLAIMS THE MONEY MARKET FUNDS WERE PLACED INTO A SINGL INVESTMENT WITHOUT THE KNOWLEDGE OR AUTHORIZATION OF THE CLIENT.

$24,017.01

OUR RECORDS REFLECT THE ACTIVITY IN QUESTION OCCURRED BEGINNING IN APRIL 2002 WITH THE TRANSFER OF THE MONEY AND SECURITIES TO THE EDWARD JONES ACCOUNTS OF CLIENT. THE PURCHASE OF LORD ABBETT AND PUTNAM MUTUAL FUNDS OCCURRED IN MAY AND JULY 2002. AT THE TIME OF PURCASE , CLIENT WOULD HAVE RECEIVED TRADE CONFIRMATIONS AND ACCOUNT STATEMENTS REFLECTING ALL ACTIVITY AS WELL AS FUND PROSPECTUSES WITH PROVIDE ALL DETAILS ASSOCIATED WITH THE PURCHASES. ADDITIONALLY, UPON REVIEW OF THE FUND ACTIVITY AT THE TIME THE FUNDS WERE LIQUIDATED, IT WOULD APPEAR CLIENT REALIZED A NET GAIN N THE FUNDS IN QUESTION. CLAIM DENIED.

CLIENT ALLEGES THE FA FAILED TO ACT ON HIS INSTRUCTIONS TO BUY AND SELL OPTION CONTRACTS FROM DECEMBER 6, 2005 TO MAY 1, 2006 CAUSING THE CLIENT DAMAGES BETWEEN $50,000 AND $70,000. COMPLAINT WILL BE DENIED ALTHOUGH NO LETTER HAS BEEN SENT YET.

$50,000.00