Alan Harold New Facing Allegations of Unsuitable Recommendations in Woodbridge Investments & Clients Claim that Risks were not Disclosed
Alan Harold New is facing allegations that in April 2015, February 2016 and September 2016, he sold securities to clients which were allegedly unsuitable and inappropriate and that the risks were not disclosed, according to FINRA Reports under review by investor rights attorney Alan Rosca.
Said securities were allegedly unregistered, nonexempt securities in the form of Woodbridge Promissory Notes, along with an investment in FIP, LLC in February 2015, FINRA states.
New is now facing 12 customer disputes, all of which are pending and which have been filed since January 23, 2018, FINRA states.
Alan Rosca, of the Goldman Scarlato & Penny PC law firm, is investigating activity related to Alan Harold New’s alleged unsuitable recommendations. Investors who believe they may have lost money in activity related to Alan Harold New’s alleged unsuitable recommendations are encouraged to contact attorney Alan Rosca with any useful information or for a free, no obligation discussion about their options.
Alan New’s Clients Alleged that Products were Sold Away from the Broker-dealer & are Seeking $168,308.58 Plus Interest, Cost & Fees
Alan New is the subject of claims that further allege that the products were sold away from the broker-dealer and seek $168,308.58 plus interest, cost and fees, FINRA reports.
Another claim filed on September 19, 2018 further alleges that the investments were falsely represented as safe, secure and low risk and is seeking recovery of damages in the amount of $125,000 plus costs, interest, fees and punitive damages, FINRA notes.
Still another claim alleges that clients were allegedly sold unregistered and fraudulent investments in Woodbridge Mortgage Investment Funds in February and October 2015 and February 2016, FINRA reports.
Claimants in said case further allege that the investments were falsely represented as safe, secure and low risk and seek recovery of damages in the amount of $325,000 plus costs, interest, fees and punitive damages.
Alan New was was registered with broker-dealer NYLife Securities LLC in their Fort Wayne, IN office, from June 2004 – August 2016, and also worked for Northwestern Mutual in Milwaukee, Wisconsin from September 1999 until May, 2004, FINRA states.
Finally, it is important to not that, as of the date of this article, there has not been a finding of liability as to the complaints mentioned in this article, unless otherwise indicated.
Securities Lawyer Investigating
The Goldman Scarlato & Penny PC law firm represents investors who lose money as a result of investment-related fraud or misconduct and are currently investigating Alan New’s alleged unsuitable recommendations. The firm takes most cases of this type on a contingency fee basis and advance the case costs, and only gets paid for their fees and costs out of money recovered for clients. Attorney Alan Rosca, a securities lawyer and adjunct professor of securities regulation, and has represented thousands of victimized investors across the country and around the world in cases ranging from arbitrations to class actions.
Investors who believe they lost money as a result of Alan New’s alleged unsuitable recommendations may contact attorney Alan Rosca for a free no-obligation evaluation of their recovery options, at 888-998-0530, via email at email@example.com, or through the contact form on this webpage.