Joel Flaningan – Financial Advisor Joel Flaningan Barred from Securities Industry | Goodman & Nekvasil P.A., May Recover Investor Losses
Joel Flaningan CRD #5664958
Joel Flaningan was a licensed financial advisor with NYLife Securities LLC from 2010 to 2018. Joel Flaningan sold the fraudulent Woodbridge Mortgage Investment Fund 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.
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.
According to Joel Flaningan’s CRD, a customer dispute was filed alleging sales practice violations against Joel Flaningan. The claimant alleges that beginning in or about 2016 unregistered, nonexempt securities in the form of Woodbridge Promissory Notes were sold to the decedent. Claimant alleges that the Promissory Notes along with an investment in Future Income Payments, LLC were unsuitable and inappropriate and that the risks were not disclosed resulting in a loss between $100,000.00 and $200,000.00.
Future Income Payments, LLC (FIP LLC) claims to be “the industry leader and an innovator in buying and selling secondary market pension cash flows, often referred to as Structured Cash Flows.” The reality, according to the Wall Street Journal, is that this company was operated from a Nevada strip-mall mailbox by a 64-year-old felon, Scott Kohn. Future Income Payments appears shut, according to court filings. Based on Goodman & Nekvasil, P.A.’s investigation, Goodman & Nekvasil, P.A. believes that most investors will lose their entire investment. Also, at least 25 states have taken enforcement actions or are investigating the company.
If you invested in the Woodbridge Mortgage Investment Funds or Future Income Payments 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 or Future Income Payments 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 or Future Income Payments 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.
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