The law firm of Oakes & Fosher is presently investigating the alleged misconduct of former securities broker Alan New. Alan New was an Indiana based securities broker. He worked in the securities industry for sixteen years. During his career, he was registered with three different securities firms. He is no longer working as a registered securities broker in any fashion.

His Registrations

  • Robert W. Baird & Co. (1999-2002)
  • Northwestern Mutual Investment Services (1999-2004)
  • NYLIFE Securities (2004-2016)

The Allegations

Alan New’s publicly available FINRA BrokerCheck report shows that he has been the subject of numerous complaints from customers due to his alleged involvement with the Woodbridge Group of Companies.

Woodbridge housed multiple different investment funds that were all unregistered securities being sold by securities brokers across the nation. Woodbridge had been described by the Securities and Exchange Commission as a massive Ponzi scheme. It had acquired over $1.2 billion dollars from approximately 8,400 investors.

Various securities brokers were selling Woodbridge promissory notes to investors, fraudulently claiming that they were backed by mortgages. The investors were promised dividends of 5 to 8 percent annual interest to be paid monthly. Since the notes were not actually backed by mortgages, and the company had no actual source of income, the company paid its investor dividends through money coming in from new investors. This continued until everything collapsed and Woodbridge filed for bankruptcy.

Alan New has been the subject of fifteen complaints from customers alleging that he recommended they purchase highly fraudulent Woodbridge promissory notes, while failing to disclose the true nature of the securities or the risks associated with it. These complaints were settled for a total of $1,623,346 in damages.

Oakes & Fosher Can Help

Many investors are unaware of the legal recourse available to them after losing money due to securities broker fraud and/or negligence. The truth is that investors who have lost money in this fashion may actually be entitled to damages. Oakes & Fosher dedicates its entire legal practice to helping investors across the nation. If you, or someone you know, have lost money investing with Alan New, or the Woodbridge Group of Companies, please contact Oakes & Fosher for a free and private consultation. Oakes & fosher handles cases on a contingency basis, which means there are no fees charged unless we collect for you.