Joel Flaningan, Formerly Licensed Financial Advisor with NYLife Securities LLC - Goodman & Nekvasil P.A., May Recover Investor Losses on Woodbridge Mortgage Investment Funds and/or 1 Global Capital

Joel Flaningan - Joel Vincent Flaningan, Formerly Licensed Financial Advisor with NYLife Securities LLC - Goodman & Nekvasil P.A., May Recover Investor Losses on Woodbridge Mortgage Investment

Joel Flaningan was licensed with NYLife Securities LLC from 2010 to 2018. Joel Flaningan sold the fraudulent Woodbridge Mortgage Investment Fund and/or 1 Global Capital to at least some of Joel Flaningan’s clients. FINRA reports that Joel Flaningan was fired by NYLife Securities LLC on May 10, 2018. NYLife Securities LLC reported to FINRA that Joel Flaningan was terminated after allegations that Joel Flaningan was involved in the solicitation of New York Life clients to invest in an unregistered entity named Woodbridge Mortgage Investment Fund, which has filed for bankruptcy protection and is the subject of an action filed by the SEC. Goodman & Nekvasil, P.A. has already filed an arbitration claim against NYLife Securities LLC, seeking to recover losses incurred by a Woodbridge investor.

On December 20, 2017, the Securities and Exchange Commission (SEC) filed an action alleging that the Woodbridge investment was a massive Ponzi scheme, and that new investor money was used to pay the returns owed to existing investors.  The SEC also alleges that Woodbridge's business model was a sham, and that Woodbridge and Woodbridge's owner and President, Robert H. Shapiro, misused and misappropriated investor monies. The SEC points out that Woodbridge admits in its bankruptcy filing that it has less than $12 million in its bank accounts while having investor liabilities approaching $1 billion. 

1 Global Capital LLC and 1 West Capital LLC filed for Chapter 11 bankruptcy on July 27, 2018. 1 Global Capital LLC and 1 West Capital LLC reported that 1 Global Capital LLC and 1 West Capital LLC are under SEC investigation related to alleged possible securities law violations, including the alleged offer and sale of unregistered securities, the alleged sale of securities by unregistered brokers, and the alleged commission of fraud in connection with the offer, purchase, and sale of securities. 

The SEC also alleges that many of the properties Woodbridge purchased remain as vacant lots that have set undeveloped for several years. According to the SEC, nearly all of the purported third-party borrowers were actually limited liability companies owned and controlled by Woodbridge, which had no revenue, no bank accounts and never paid any interest under the loans.

If you invested in the Woodbridge Mortgage Investment Funds through Joel Flaningan, you may be able to recover your losses from NYLife Securities LLC. This is because NYLife Securities LLC had a duty to supervise Joel Flaningan.

If you invested in the Woodbridge Mortgage Investment Funds through Joel Flaningan, we would like to discuss the possibility of your retaining our firm to represent you in an arbitration action against NYLife Securities LLC concerning Joel Flaningan’s conduct. There is no charge for an evaluation of your case. Further, we handle our cases on a contingency fee basis. This means that unless we recover money for you, we charge no attorney’s fee. Unless you recover any money, you pay us nothing, not even the costs and expenses which the firm will advance on your behalf. You will continue to own your claim in the Woodbridge Bankruptcy; our case involves a separate, additional avenue of recovery.

Kalju Nekvasil, Esq., formerly regional counsel with the NASD, now known as FINRA, has practiced in this area of the law for more than 35 years. Goodman & Nekvasil, P.A. has recovered more than $180 million on behalf of victimized investors. If you invested in the Woodbridge Mortgage Investment Funds with Joel Flaningan and would like your case evaluated by a securities attorney (again, there is no charge for an evaluation and all cases are handled on a purely contingency fee basis), please contact us.  

 

Keywords: Joel Flaningan, Joel Vincent Flaningan, FINRA, NYLife Securities, SEC, Fraud, Attorney, Broker, Brokerage, Firm, Brokerage Firm, Invest, Lawyer, Securities Lawyer, Goodman and Nekvasil, Nekvasil, Goodman, Investor, Investment, Financial, Financial Services, Securities 

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