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 investors. 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.