Ex-NYLife Broker Alan New Sanctioned, Barred: Woodbridge Notes
Former Fort Wayne, Indiana broker Alan New (CRD# 2892508) was recently sanctioned by the Financial Industry Regulatory Authority (FINRA) in connection to allegations involving Woodbridge Group of Companies-related promissory note sales. Previously a representative of NYLife Securities, he was barred from associating with FINRA broker-dealer firms.
According to a Letter of Acceptance, Waiver, and Consent (No. 2018057240801) dated April 2020, Alan New was associated with NYLife Securities as an Investment Company and Variable Contracts Products Representative from 2004 until August 2016. In 2020 FINRA sent him a request for documents and information connected with its investigation into his “participation in the sale of promissory notes related to the Woodbridge Group of Companies.” According to FINRA’s findings, he indicated to FINRA through counsel on February 13, 2020 that he would not respond to FINRA’s request for materials. FINRA states that this refusal constituted a violation of FINRA Rules 8210 and 2010. As a result of the foregoing alleged conduct, he was barred from associating with any FINRA member firm in any capacity.
His BrokerCheck report lists 15 customer complaints against him. A 2019 complaint, for instance, alleges that as a representative of NYLife Securities, he either misled a customer about the risks of Woodbridge notes or “was inexcusably reckless in failing to understand those risks.” The complaint reached a settlement in 2020 of $39,000.
A 2018 complaint alleges that as a representative of NYLife Securities, he misrepresented an investment in Woodbridge promissory notes as safe, and breached his fiduciary duty. The complaint reached a settlement in 2020 of $100,000.
Another 2018 complaint alleges that as a representative of NYLife Securities, he sold unregistered and nonexempt Woodbridge notes that were unsuitable and inappropriate, and whose risks were not disclosed. The complaint reached a settlement in 2019 of $75,000.
A third 2018 complaint alleges that as a representative of NYLife Securities, he “sold unregistered and fraudulent investments in Woodbridge Mortgage Investment Funds.” The complaint reached a settlement in 2019 of $115,740.68.
Alan New is currently not registered as a broker. His previous registrations include NYLife Securities, Northwestern Mutual Investment Services, and Robert W. Baird & Company. He has passed four securities industry qualifying examinations and his BrokerCheck report lists zero state securities licenses. (Information current as of June 3, 2020.)