David Herlicka

Date:

June 10, 2014

Type of alert:

FINRA AWC  

Former NY Life Securities registered representative David Herlicka (CRD# 2627602) of Bedford, New Hampshire recently entered into a Letter of Acceptance, Waiver and Consent to resolve allegations FINRA made against him regarding violations of securities industry rules.

On May 23, 2014, David Herlicka consented, without admitting or denying the allegations made against him by FINRA, to a suspension in all capacities for a period of 18 months, and a fine of $97,484.01 which includes a disgorgement of commissions received of $77,484.01 in resolution of FINRA Disciplinary Proceeding No. 2012032749001. FINRA alleged that Herlicka made unsuitable recommendations to customers regarding variable universal life (VUL) insurance policies and made false entries on a customer’s VUL application amongst other sales practice issues regarding VUL policies. FINRA alleged that Herlicka’s conduct violated a host of securities industry rules including Section 17(A) of the Securities Exchange Act of 1934 as well as violations of FINRA Rule 2010, NASD Rules, 2110 2310(a), and NASD IM-2310-2(b)(5).

According to Herlicka’s FINRA BrokerCheck report, there have been 19 customer disputes surrounding his alleged activities.

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