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Ken New: GWG Complaint Against Pinnacle Wealth Advisor
Merritt Island, Florida financial advisor Ken New (CRD# 2836918) allegedly recommended an unsuitable investment in GWG L bonds, according to a new investor complaint against him. Financial Industry Regulatory Authority records show that he is registered as a broker and investment advisor with Center Street Securities. He is the owner of Pinnacle Financial Wealth Management, which offers securities and advisory services through Center Street.
Mr. New’s BrokerCheck report discloses one investor complaint against him. Filed in June 2022, it alleges that as a representative of Center Street Securities, he recommended an unsuitable investment in GWG L bonds. The pending complaint alleges damages of $50,000.
A second disclosure on Mr. New’s BrokerCheck report concerns his 2013 sanction by the Florida Department of Financial Services. According to the disclosure, the regulator sanctioned him in relation to allegations that he “distributed gift cards having a value of over $25.00,” in violation of state insurance regulations. He was ordered to cease and desist and to pay a fine of $3,000, and he was put on a one-year probationary period.
In a statement on the sanction’s disclosure, Mr. New wrote that “The offer of a $100 gift card was for a no obligation review appointment in my office.” He added that his firm “had knowledge and the marketing companies that introduced the program were encouraging the use of the program as a replacement to public seminars.”
According to the Financial Industry Regulatory Authority, Ken New holds 25 years of securities industry experience. Based in Merritt Island, Florida, he has been a broker and investment advisor with Center Street Securities since 2017. He is the owner of Pinnacle Financial Wealth Management. His past registrations include Center Street Securities (Merritt Island, Florida; 2009-2015), USA Financial Securities Corporation (Merritt Island, Florida; 2006-2009), Ameritas Investment Corporation (Merritt Island, Florida; 2001-2006), Signator Investors (Boston, Massachusetts; 1997-2001), and John Hancock Mutual Life Insurance Company (Boston, Massachusetts; 1997). His credentials include the passage of five securities industry qualifying examinations: the General Securities Principal Examination, or Series 24; the Uniform Combined State Law Examination, or Series 66; the Investment Company Products/Variable Contracts Representative Examination, or Series 6; the Securities Industry Essentials Examination, or SIE; and the General Securities Representative Examination, or Series 7. He is licensed in Alabama, Arizona, California, Colorado,Florida, Kansas, Maryland, Montana, New Jersey, North Carolina, Pennsylvania, Tennessee, Texas, and Utah. (Information current as of July 19, 2022.)
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