Ceondre Colvin Allegedly Made Unauthorized Withdrawals

Ceondre Colvin (CRD# 7329753[1]), formerly a broker registered with NYLife Securities, made unauthorized withdrawals from customers’ accounts, according to allegations by his former firm. MDF Law is investigating the former Pittsburgh, Pennsylvania-based financial professional for similar conduct. If you have concerns about your investments, contact us for a free, confidential consultation with one of our attorneys.

More information about the allegations against Mr. Colvin follow below. This post is sourced from his BrokerCheck record, a Financial Industry Regulatory Authority (FINRA) resource accessed on October 3, 2024. 

Why Did NYLife Securities Fire Ceondre Colvin?

On May 30, 2024, NYLife Securities terminated Mr. Colvin’s registration with the firm. According to a disclosure on his BrokerCheck profile, the firm fired him after an internal review found that “he made unauthorized withdrawals from two customers’ bank accounts to pay for his personal expenses.” The disclosure notes that a fraud report was filed with securities regulators in Pennsylvania.

Past Dispute Alleged Unauthorized Deduction

Two parties of investors filed disputes involving Mr. Colvin in 2024. One claim alleged that he made unauthorized deductions from a customer’s checking account. The other alleged that a transfer incurred a surrender charge; that the customer was unaware his account was invested in the stock market when it should have been an IRA; and that information the customer supplied was used to withdraw funds from the account. Mr. Colvin’s former member firm paid more than $100,000 to settle the disputes.

Industry Rules Prohibit Unauthorized Trading

FINRA rules and other securities industry laws and standards make clear: brokers like Mr. Colvin cannot execute unauthorized transactions in customer account. The rules concerning unauthorized trades include FINRA Rule 2010, under which brokers must uphold high standards of commercial honor. There’s also FINRA Rule 3260, which forbids them from making discretionary trades—that is, trades conducted at their own discretion—without receiving prior authorization from the customer and approval from the firm. Finally, FINRA Rule 2020 prohibits brokers from employing fraudulent or deceptive devices in the course of their business.

FINRA: Colvin Last Based in Pittsburgh, Pennsylvania

Ceondre Colvin launched his career as a broker in 2022, when he joined NYLife Securities’ office in Pittsburgh. He remained at the firm until his firing in 2024, and he has not registered with any other firm since. With one year of experience as a broker, he has completed two industry exams: the Series 6TO and the SIE. 

At MDF Law, We Stand Up for Investors

Did you lose money you couldn’t afford to lose on investments recommended by Ceondre Colvin? Were unauthorized withdrawals made from your accounts, or did your broker make transactions without your knowledge? You may have grounds to pursue a recovery through the FINRA arbitration process. Having secured tens of millions in recoveries for our clients, MDF Law’s attorneys accept cases on a contingency basis: we only receive a fee when our clients win. Call 800-767-8040 for a free consultation with our team today.