Investor Files $1 Million Complaint Involving Daniel Loy of Independent Financial Group
Daniel Loy (CRD# 3029654) is the recipient of customer complaints, according to Financial Industry Regulatory Authority (FINRA) records accessed on November 5, 2021. The Milpitas, California broker/adviser is currently affiliated with Independent Financial Group. He was previously registered with Voya Financial Group. If you have complaints regarding Mr. Loy, call MDF Law at 800-767-8040 for a free consultation.
Customer: Daniel Loy’s Unsuitable Recommendations Caused $1 Million in Losses
In 2021 a customer alleged Daniel Loy, while affiliated with Voya Financial Advisors, misrepresented certain real estate investments. The complaint specifically alleges that he represented the products as “safe and suitable” and told the investor they would “receive a return of principal generally between three and five years.” The customer is seeking $1 million in damages in the pending complaint.
In 2021 a second customer alleged that while affiliated with Voya Financial, Daniel Loy made misleading statements and “recommended an unsuitable investment strategy.” The strategy allegedly involved illiquid alternative investments. The customer is seeking $150,000 in damages in the pending complaint.
Daniel Loy Resigned from Voya After Alleged Policy Violations
Voya Financial Advisors permitted Daniel Loy to resign in 2015. The explanation provided by the firm states that he “attempted to resign while on heightened supervision” after allegedly using an unapproved email account and “not submitting two pieces of advertising for approval.”
Loy Denies Suitability Allegations
In a “Broker Statement” about the latter complaint, Mr. Loy denied the allegations. He wrote in part that the investments in question “were in line with Claimant’s stated investment objectives, risk tolerance and time horizon.” He added that he provided the customer with disclosure documents about the investments’ risks. “Claim is without merit,” he concluded, “and unsupported by the facts and circumstances.