Last Updated: September 2023
Voya Financial Advisors Investigation Summary
Here’s what you need to know about Voya Financial Advisors, a FINRA registered broker-dealer headquartered in Windsor, CT:
- Name: Voya Financial Advisors
- Owned by: Voya Holdings, Inc. – 75% or more
- Former Name/Related Companies: ING Financial Partners, Washington Square Securities, Variable Life Brokerage Distributors, NWNL Management Corp., ING Financial Partners
- Function: FINRA Registered Broker Dealer
- CRD 2882
- Can Voya Financial Advisors be sued in FINRA arbitration: Yes
- Sanctioned by FINRA: Yes
Discuss your case with experienced investment fraud lawyer Bob Rex at (877) 224-3199 for a free consultation.
About Voya Financial Advisors
Voya Financial Advisors (VOYA) evolved from ING’s investment management, retirement and insurance operations beginning in the 1970’s. Over the ensuing decades numerous acquisitions were made, including Life of Georgia, Equitable of Iowa, Furman Seiz Aetna Financial Services, and CitiStreet. In 2014 the company rebranded as Voya Financial.
Today Voya Financial Advisors is dually registered as a FINRA broker-dealer and investment advisor with the U.S. Securities and Exchange Commission (SEC) with more than 1,000 employees and registered representatives in offices nationwide.
Over the next decade additional acquisitions were made including Pen-Cal Administrators, Benefit Strategies LLC, Tygh Capital Management, Czech Asset Management and most recently in 2023, Benefitfocus Inc.
Today Voya Financial Advisors has more than 1,000 employees and registered representatives (financial advisors) in more than 1,000 branch offices nationwide.
Voya Financial Advisors Regulatory History
According to their CRD, Voya Financial Advisors discloses 33 final regulatory matters, including:
- In 2020, the SEC fined Voya $9,000,000 and ordered the payment of restitution and interest exceeding $13 million for failing to disclose certain conflicts of interest including the firm’s policy requiring advisory clients to pay an upfront brokerage commission when purchasing illiquid alternative investment products when the same investment was available to advisory clients with the brokerage commissions waived.
Voya Financial Advisor’s Customer Complaints
Numerous customer complaints have been filed against stockbrokers employed by Voya Financial Advisors, many of which involve illiquid alternative investments, including these. Follow the links for more information:
- Alexander, Erik – Issaquah, WA
- Brady, Brock J. – Bellevue, WA
- Bradley, Joshua – Columbia, SC
- Burskey, Roger – Ann Arbor, MI
- Chiodi, Jr., Frank – Scarsdale, NY
- Chrisenberry, Mark A. – Seneca, SC
- Cooke, Jamie – Sparks, NV
- Crocker, Sierra A. – Jacksonville, FL
- Dougherty, Francis J. – Margate,NJ
- Flynn, James Travis – Greenville, SC
- Friedrichsen, Craig E. – Topeka, KS
- Gaudario, Ronan C. – Burlingame, CA
- Gallagher, Gary – King of Prussia, PA
- Head, Samuel R. – Seneca, SC
- Herring, Kent – Gulf Breeze, FL
- Hung, Syauching – San Gabriel, CA
- Jaroensabphayanont, Narongdej – Bellevue, WA
- Johnson, William C. – Greenville, SC
- Joly, James E. – East Greenwich, RI
- Kumar, Akhil – New York, NY
- Lizanich, Pamela Jo – Greenville, SC
- Loy, Daniel Tuan Kien – Milpitas, CA
- Mcneill, Stephen – Lake Oswego, OR
- Menard, Ronald W. – Baton Rouge, LA
- Mersberger, Peter – Sheboygan Falls, WI
- Metcalf, Jr., Ronald – Greenville, SC
- Monckton, David – Myrtle Beach, SC
- Monroe, Fred – Albany, NY
- Po, Peter T. – Cupertino, CA
- Thomas, Joyce An – Diamond Bar, CA
- Venkatraman, Rajeswaran – Lisle, IL
- Wall, David R. – Simpsonville, SC
- Wells, Nathan – Morrison, IL
- Wernig, Chip – Lakewood, CO
- Wiley, Jonathan – Greenwich, CT
- Wilkie, David – Mendota Heights, MN
- Witt, Robert D. – Libertyville, IL
- Woodard, Ashley – Greenville, SC
- Young, Danny – Adel, GA
- Young, Gregory – Columbia, SC
- Zegers, James – Albany, NY
Alternative Investments: These are assets that are not stocks, bonds or cash. Alternative investments generally fall within five categories: hedge funds, private capital, natural resources (oil and gas, energy), real estate (REITs) and infrastructure. They are typically less liquid that conventional investments, less regulated with higher fees and generally higher risk. For more investigations involving Alternative Investments, see this.
Allegations of Broker Misconduct Against Voya Financial Advisor Registered Representatives
Numerous customers of Voya Financial have alleged the following wrongdoing in connection with losses on alternative investments:
- Unsuitable Investment Recommendations to Purchase Illiquid Investments
- Overconcentration of Alternative Investments Including REITs
- Misappropriation of customer funds
The Financial Industry Regulatory Authority (FINRA) is the agency that licenses and regulates stockbrokers and brokerage firms. FINRA requires brokers and brokerage firms to report customer complaints and disputes as well as regulatory sanctions. In addition brokers are required to disclose certain financial matters such as personal bankruptcies, judgments and liens.
Recover Your Investment Losses Now With Rex Securities Law
If you have suffered investment losses in an account handled by a financial advisor with Voya Financial Advisors contact us for a complimentary consultation with an experience securities lawyer to learn how you may be able to recover damages through FINRA arbitration.
With offices in Boca Raton, FL and Austin, TX, stockbroker fraud attorney Bob Rex provides representation to investors nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers, financial advisors and broker dealers.
If you have questions about how your account has been handled, call (877) 224-3199 to speak with an experienced securities attorney at no cost to you.
Most cases are handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.
