Gary Forrest Allegedly Advised Customers to Buy Promissory Notes in the Woodbridge Group of Companies
Former broker Gary Arthur Forrest, a Flint, Michigan stockbroker formerly employed by American Portfolio Financial Services, allegedly made recommendations to thirteen customers of American Portfolio Financial Services and two additional investors to make purchases of promissory notes in Woodbridge Group of Companies LLC, according to a FINRA Letter of Acceptance, Waiver, and Consent (AWC) under review by investor rights attorney Alan Rosca.
The aforementioned recommendations were allegedly made from September of 2016 to November of 2016, and said promissory notes were purportedly not offered by American Portfolio Financial Services, and Forrest’s alleged unapproved private securities transactions involved the sale of promissory notes totaling $826,986, the aforementioned AWC reports.
Investor rights attorney Alan Rosca, of the Rosca Scarlato LLC law firm, is investigating activity related to former broker Gary Forrest’s alleged recommendations to purchase unregistered securities. Investors who believe they may have lost money in activity related to Gary Forrest’s alleged recommendations to purchase unregistered securities are encouraged to contact attorney Alan Rosca with any useful information or for a free, no-obligation discussion about their options.
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Gary Forrest Fined $5,000 & Suspended for Ten Months by FINRA
Former broker Gary Forrest, from September of 2016 to November of 2016, allegedly solicited investors to purchase promissory notes relating to the Woodbridge Group of Companies LLC, a purported real-estate investment fund, and Forrest allegedly sold $826,986 in Woodbridge promissory notes to 15 investors, 13 of whom were American Portfolio customers, according to Forrest’s FINRA Brokercheck page.
Forrest allegedly received $25,905 in commissions in connection with said transactions, and American Portfolio’s written supervisory procedures specifically required registered representatives to request and obtain approval prior to engaging in private securities transactions including the offer of promissory notes, the AWC reports. He allegedly sought approval to sell Woodbridge promissory notes, and American Portfolio reportedly denied his request, and, despite this denial, Forrest still allegedly sold Woodbridge promissory notes while associated with the Firm, the AWC notes.
Ex broker Gary Forrest, based on the aforementioned behavior, violated FINRA Rules, and thus has been fined $5,000, and was suspended for ten months by FINRA, the AWC reports. He was registered with American Portfolios Financial Services, Inc. in Flint, Michigan from February 1, 2007 until November 16, 2016, FINRA states.
Finally, it is important to note that, as of the date of this article, there has not been a finding of liability as to the complaints or allegations mentioned in this article, unless otherwise indicated. Any reader should also read the original sources hyperlinked in this blog for accuracy, including any BrokerCheck report and/or record of any disciplinary or regulatory action. Those sources are incorporated by reference into the text of this blog, and are the governing materials in case of any inconsistencies or typos in this blog.
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Securities Lawyer Investigating
The Rosca Scarlato LLC law firm represents investors who lose money as a result of investments in fraudulent promissory notes or broker misconduct and are currently investigating former broker Gary Forrest’s alleged recommendations to purchase unregistered securities. 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 broker Gary Forrest’s alleged recommendations to purchase unregistered securities may contact attorney Alan Rosca for a free no-obligation evaluation of their recovery options, at 888-998-0530, via email at arosca@rscounsel.law, or through the contact form on this webpage.