Former broker Jeffrey Nimmow (also known as Jeffrey Scott Nimmow) has been barred by FINRA in connection with his alleged involvement in selling Woodbridge Securities notes, according to FINRA’s Letter of Acceptance, Waiver and Consent (AWC), under review by attorney Alan Rosca.
Investment loss attorney Alan Rosca and his colleagues, of the Rosca Scarlato LLC law firm, are investigating conduct related to the sale of promissory notes that were unregistered securities, among others. Investors who are concerned about their investments with former broker Jeffrey Nimmow may reach out to attorney Alan Rosca for a free, no-obligation consultation and discussion of potential options, or to provide any useful information.
Interested Jeffrey Nimmow investors may call 888-998-0530, send an email at arosca@rscounsel.law, or leave a message through the contact form on this webpage.
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Nimmow Barred By FINRA
According to the AWC, between February 2016 and December 2017, Nimmow allegedly engaged in the sale of promissory notes to 18 investors totaling more than $3 million. The AWC further alleges the Woodbridge promissory notes were unregistered securities, and Nimmow allegedly engaged in these sales without disclosing and receiving approval from his firm.
In addition, Nimmow was allegedly only registered to sell certain categories of securities and did not possess the proper FINRA registration to sell these notes. Without admitting or denying the allegations, Jeffrey Nimmow signed the AWC, agreeing to being barred.
The Woodbridge Group of Companies Was Reportedly a Ponzi Scheme
In 2015, Nimmow reportedly submitted a request to Forest Securities to add sales of Woodbridge’s “First Position Commercial Mortgages” (FPCMs) to his outside business activities. In submitting the request, Nimmow allegedly failed to provide reasonable notice of his proposed activities, including disclosing that the FPCM Notes may be securities, according to the AWC.
Furthermore, the AWC alleges that the FPCMs reportedly included promissory notes that were entered into with different tranches of the “Woodbridge Mortgage Investment Fund,” and the funds from those notes were pooled to provide funding to a “third party commercial borrower” for the purchase or renovation of commercial real estate. Many of these “borrowers” were allegedly entities affiliated with Woodbridge.
In December 2017, Woodbridge filed a voluntary Chapter 11 bankruptcy petition. Three weeks later, the Securities and Exchange Commission filed a complaint against Woodbridge and its former owner, Robert Shapiro, among others, claiming that Shapiro and Woodbridge ran a Ponzi scheme.
Investment loss attorney Alan Rosca and his colleagues at the Rosca Scarlato LLC law firm, are investigating activity related to Jeff Nimmow’s alleged involvement in the Woodbridge Ponzi scheme. The Rosca Scarlato LLC law firm represents other Woodbridge investors and may be contacted by investors who purchased Woodbridge notes through Nimmow and have questions or concerns. Attorney Rosca and his colleagues may be reached toll free at 888-998-0530, via email at arosca@rscounsel.law or through the contact forms on this page.
Broker Jeffrey Nimmow Subject of Customer Dispute Disclosures
The Rosca Scarlato investor loss attorneys reviewed publicly available information and found that broker Jeffrey Nimmow has customer dispute disclosures as of the date of this article, as reported on his FINRA brokercheck page.
In a dispute reportedly involving the broker, in June 2018, the customer alleged that between February 2017 and August 2017, while Nimmow was registered with Forest Securities, Inc., Nimmow solicited the customer to loan money to Woodbridge. This customer is reportedly seeking to recover $150,000 in damages.
In August 2019 the customer reportedly reached a settlement with broker Jeffrey Nimmow who allegedly paid $55,000 to settle the claims against him, but according to Nimmow’s Brokercheck, the arbitration still remains pending as to the rest of the claims.
In a similar dispute reportedly filed against Nimmow in Sauk County State Court, the customer alleged that between late 2015 and November 2017, Nimmow solicited the customer to loan money to the Woodbridge group of companies in various funds.
This customer is reportedly seeking to recover $450,000 in damages.
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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Potential Options for Jeffrey Nimmow Investors
The Rosca Scarlato LLC law firm represents investors who lose money as a result of investment-related fraud or misconduct and is currently investigating conduct related to broker Jeffrey Nimmow’s allegations of alleged involvement in the sale of Woodbridge Ponzi scheme promissory notes, among others.
The firm takes most cases of this type on a contingency fee basis and advances the case costs, and only gets paid for its fees and costs out of money recovered for clients. Attorney Alan Rosca, a securities lawyer and adjunct professor of securities regulation, has represented thousands of victimized investors across the country and around the world in cases ranging from arbitrations to class actions.
Concerned Jeffrey Nimmow investors may contact attorney Alan Rosca, or his colleagues for a free no-obligation case evaluation and discussion of potential options, at 888-998-0530, via email at arosca@rscounsel.law, or by leaving a message through the contact form on this webpage.