Timothy Millis: Ex-NYLife Rep Resigns Over Alleged Unsuitable Mutual Fund Switches

Timothy MillisPublicly available records published by the Financial Industry Regulatory Authority (FINRA) and accessed on May 13, 2019 indicate that former Michigan-based NYLife Securities broker/adviser Timothy Millis, who has received a customer complaint, recently resigned from a former employer in connection to alleged rule violations and is currently not affiliated with any broker-dealer firm. Fitapelli Kurta is interested in speaking to investors who have complaints regarding Mr. Millis (CRD# 706959).

Timothy Millis has spent 39 years in the securities industry and was most recently registered with NYLife Securities in Okemos, Michigan (2002-2019). Previous registrations include Valic Financial Advisors in Houston, Texas (1999-2002); the Variable Annuity Marketing Company in Houston, Texas (1980-2001); and American Capital Financial Services (1980-1984). He has passed six securities industry examinations: Series 66 (Uniform Combined State Law Examination), which he obtained on April 8, 2016; Series 63 (Uniform Securities Agent State Law Examination), which he obtained on October 28, 1998; SIE (Securities Industry Essentials Examination), which he obtained on October 1, 2018; Series 7 (General Securities Representative Examination), which he obtained on May 15, 2001; Series 1 (Registered Representative Examination), which he obtained on March 31, 1980; and Series 26 (Investment Company Products/Variable Contracts Principal Examination), which he obtained on August 23, 1996. He is currently not registered with any state or firm.

According to his BrokerCheck report, he has received one customer complaint and recently resigned from his former employer in connection to alleged rule violations.

In April 2019 he was “permitted to resign” from his position at NYLife Securities in connection to allegations that a review of his business revealed “a pattern of unsuitable mutual fund switches.”

In April 2019 a customer alleged Timothy Millis, while employed at NYLife Securities, executed an annuity withdrawal that incurred front-end sales charges and a surrender charge. The complaint settled for more than $50,200.

In 2016 the Internal Revenue Service filed a tax lien totaling $32,138.32 against him. The lien remains outstanding.

If you or someone you know has lost money investing with Timothy Millis, call Fitapelli Kurta at 877-238-4175 for a free consultation. You may be eligible to recoup your losses. Fitapelli Kurta accepts all cases on a contingency basis: we only get paid if and when you collect money. Time to file your claim may be limited, so we encourage you to avoid delay. Call 877-238-4175 now to speak to an attorney for free.