Jefferey Dyra (CRD#: 6785909), formerly a registered representative with Bankers Life Securities, Inc. (CRD#: 173962) in Naperville, Illinois, has been barred from the securities industry, according to his BrokerCheck record accessed on December 19, 2019. What happened? On November 29, 2019, Dyra consented to the entry of findings that he refused to provide requested documents and information to FINRA, the Financial Industry Regulatory Authority, in conjunction with its investigation into whether or not he “misappropriated funds from a customer of an affiliate of his member firm or otherwise engaged in any conduct that violated federal securities laws or regulations or FINRA rules.” By consenting to the entry of findings, Jefferey Dyra entered into an AWC (a letter of Acceptance, Waiver, and Consent) with FINRA.
An AWC is an agreement between a broker and FINRA in which the broker accepts the allegations against them without admitting or denying them, waives their right to have a hearing, and consents to sanctions (in this case, a permanent bar from the securities industry). For more information about AWCs, see our article “What is FINRA AWC?” A copy of Jefferey Dyra’s AWC can be viewed here.
This bar from the securities industry is not the only disclosure on Jefferey Dyra’s BrokerCheck record. On June 13, 2019, he became involved in a customer dispute after a client sent a letter to his firm, Banks Life and Casualty, alleging that he misappropriated funds and committed fraud. A client alleged that Jefferey Dyra “asked her to make two checks payable to him personally for the purchase of annuities not specific in type. The first check was May 7, 2019 in the amount of $8000.00 made payable to the [registered representative] personally with the intent to purchase an annuity. The second check was May 15, 2019 made payable to the [registered representative] personally in the amount of $23,500 for the intention to purchase an annuity. The funds were not used to purchase an annuity.” One week later, on June 20, 2019, Jefferey Dyra was terminated from Bankers Life Securities.
If Jefferey Dyra was your broker and you have concerns about your investments, don’t hesitate to contact an experienced securities attorney well-versed in these types of cases. Call (877) 238-4175 for your free case consultation with the securities attorneys of Fitapelli Kurta.