The law firm of Oakes & Fosher is presently investigating the alleged misconduct of former securities broker Jeffrey Nimmow. According to his publicly available FINRA BrokerCheck report, Jeffrey Nimmow has been the subject of multiple customer disputes.
Jeffrey Nimmow was an Illinois based securities broker. He worked in the securities industry for twenty-one years. During his career, he was registered with six different securities firms. He is no longer working as a registered securities broker in any fashion.
- John Hancock Mutual Life Insurance Company (1996-1997)
- Signator Investors (1996-2005)
- USAllianz Securities (2005-2006)
- Traderight Securities (2007-2008)
- Questar Capital Corporation (2009-2015)
- Forest Securities (2015-2018)
- In February 2018, a customer alleged that Jeffrey Nimmow invested them in securities associated with the fraudulent Woodbridge group of companies. The claimant was under the impression this was merely a loan that would yield a very high interest rate. In truth, this was a highly unsuitable private investment that the Securities and Exchange Commission described as a Ponzi scheme. Nimmow allegedly failed to get approval to do so and also failed to report the transactions. This case is currently pending. The customer is seeking $450,000 in damages.
- In March 2018, Jeffrey Nimmow was discharged from his position at Forest Securities. This termination followed the allegations that he was soliciting investors to invest in this fraudulent Woodbridge investment.
- In August 2018, a customer alleged Jeffrey Nimmow solicited them to loan money to the Woodbridge group of companies. This case is presently pending. The customer is seeking $150,000 in damages.
- In February 2020, Jeffrey Nimmow was finally sanctioned by FINRA for his connection to Woodbridge. According to the findings, Nimmow sold $3,365,000 worth of promissory notes to investors without his member firm’s approval. According to FINRA, Jeffrey Nimmow did not possess the correct registration to sell these notes. For his contributions, Jeffrey Nimmow allegedly received $177,937 in commissions from Woodbridge. Due to these alleged actions, Jeffrey Nimmow was barred by FINRA from acting as a securities broker in any fashion.
What is Woodbridge?
The Woodbridge group of companies was a group of highly unsuitable unregistered securities known as private placements, operating under names like the Woodbridge Mortgage Investment Funds or the Woodbridge Commercial Bridge Loan Funds. The Securities and Exchange Commission described these funds as one giant Ponzi scheme that fraudulently solicited over a billion dollars from unsuspecting investors–most of whom were elderly. These funds essentially enlisted securities brokers like Jeffrey Nimmow to sell fraudulent promissory notes to investors while claiming they were backed by mortgages. The customers found this investment so enticing because they were promised excessively high interest rates paid out monthly. However, these investment funds were not actually providing mortgages and were thus acquiring no actual income. In order to meet interest distributions, those managing these funds had to solicit more investors and used newly invested funds to pay these dividends to earlier investors. This continued until Woodbridge collapsed and filed for bankruptcy.
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 Jeffrey Nimmow, please contact Oakes & Fosher for a free and private consultation. We work on a contingency basis, which means there are no fees charged unless we collect for you.