Former NY Life Securities broker Joel Flaningan was recently terminated
from his position for allegedly soliciting the firm's clients to invest
in Woodbridge Mortgage Investment Funds. The attorneys at Meyer Wilson
have been closely following the developments with Woodbridge and currently
represent several investor victims of the scheme. Woodbridge recently
filed for bankruptcy protection and has been sued by the SEC for securities fraud.
According to the SEC, Woodbridge was a massive
Ponzi scheme that used a web of companies to dupe over 8,400 investors nationwide out
of more than $1.22 billion. Without sufficient funds to pay investors,
new investor money was used to pay the returns that were owed to existing
According to the SEC, Woodbridge owes investors at least $961 million, and since the bankruptcy
filing reports that it has just under $12 million in its bank accounts,
victims will suffer substantial losses.
Flaningan was accused of soliciting New York Life clients to invest in
the Woodbridge Mortgage Investment Fund without informing them of the
risks associated with Woodbridge. As a result of the allegations against
him, Flaningan was terminated in May 2018 and is not currently registered
by a FINRA member firm.
Did You Suffer Financial Losses While Working with Joel Flaningan?
The investment loss attorneys at Meyer Wilson are interested in speaking
with investors who have complaints regarding Joel Flaningan and the Woodbridge
Mortgage Investment Fund. To find out if you may be able to recover your
losses from NYLife Securities LLC, give us a call today at 888-390-6491 for a
free, no obligation consultation.