Alan New, previously with NYLife Securities, Barred by FINRA
Have you lost money with financial advisor Alan New? We are looking into allegations made about Alan H. New from Fort Wayne, Indiana. FINRA (the Financial Industry Regulatory Authority) barred Alan New from the securities industry. FINRA alleged that New failed to respond to its investigation. FINRA was investigating New after he was alleged to have sold investments in Woodbridge without disclosing such to his former brokerage firm, NYLife Securities. Woodbridge has filed for bankruptcy, and investors have suffered substantial losses.
Alan New was a financial advisor and registered representative of NYLife Securities from 2004 to August 2016. He worked in a branch office in Fort Wayne, Indiana. New has been the subject of 15 customer complaints.
Brokerage firms like NYLife Securities have a responsibility to adequately supervise all representatives who are registered through their firm. Brokerage firms also must take steps to ensure that their financial advisors follow all securities rules and regulations, as well as internal firm policies. When brokerage firms fail to adequately supervise their registered representatives, they may be liable for investment losses sustained by customers.
Israels & Neuman PLC is a securities and investment fraud law firm with offices in Denver, Colorado; Seattle, Washington; Phoenix, Arizona; and Ann Arbor, Michigan. We represent investors in FINRA arbitration proceedings in all 50 states, including in Indiana. Our attorneys have represented over one thousand investors against many brokerage firms in the past, including against NYLife Securities.