Financial Advisor Gary Forrest Has Being Investigated By FINRA For Selling Woodbridge Group Of Companies Promissory Notes
The Wolper Law Firm is currently investigating claims against Gary Forrest, a former Financial Advisor at American Portfolios Financial Services, Inc. in Flint, Michigan. Garry Forrest first entered the securities industry in 1998 and previously worked for Raymond James.
According to publicly available records released by the Financial Industry Regulatory Authority (FINRA), on January 29, 2018, the state of Michigan initiated an investigation into Garry Forrest based on the allegation:
“Respondent Gary A. Forrest offered or sold twelve Woodbridge securities in the State of Michigan which were not federally covered, exempt from registration, or registered, in violation of section 301 of the Securities Act, MCL 451.2301. Respondent Gary A. Forrest acted as an agent for Woodbridge in the offer and sale of twelve securities without the benefit of registration or a properly-claimed exemption, in violation of section 402(1) of the Securities Act, MCL 451.2402(1).”
For years, the Woodbridge Group of Companies, operated a ponzi scheme in which it sold (through outside financial professionals) promissory notes allegedly backed by mortgages. The investment program turned out to be a $1.2 billion ponzi scheme and Woodbridge’s principal, Robert Shapiro is currently under criminal indictment.
According to the SEC’s complaint filed against Woodbridge, the Woodbridge business model was to borrow money from investors in exchange for promissory notes, maturing usually in 12 or 18 months. The notes had an annual interest rate of 5% to 8% payable monthly. The investors’ money was supposed to be issued to lenders in the form of securitized mortgages, but rarely was, according to the SEC. Alan New is allegedly one of the outside financial professionals that sold the fraudulent notes to unsuspecting customers.
If you or someone you know was a customer of Gary Forrest or and you experienced investment losses, please contact the Wolper Law Firm at 800.931.8452 or by email at firstname.lastname@example.org to discuss your specific situation and the legal options available. The Wolper Law Firm represents investors nationwide in securities litigation and arbitration.
Matt Wolper, the Managing Principal of the Wolper Law Firm, is a trial lawyers who has handled hundreds of securities cases during his career involving a wide range of products, strategies and securities. Prior to representing investors, he was a partner with a national law firm, where he represented some of the largest banks and brokerage firms in the world in securities matters. Simply put, he knows how the other side evaluates cases, which gives his clients a competitive advantage.