June 27, 2020

GARY FORREST Woodbridge Securities Losses?

American Portfolios' Gary Forrest Sold Woodbridge Securities, According To FINRA

Soreide Law Group is reviewing potential investor disputes regarding alleged sales practice violations by broker Gary Arthur Forrest (CRD#: 1313782, Flint, Michigan). Apparently, two of Forrest’s clients at American Portfolios Financial Services brought claims regarding his sales practices. These disputes suggest that Forrest made deceptive and negligent securities transactions. Moreover, FINRA filed an enforcement action against Forrest for selling Woodbridge promissory notes as private securities transactions. Here’s more:

American Portfolios Client Indicates That Gary Forrest Breached Fiduciary Duty

Apparently, a client of American Portfolios Financial Services brought FINRA Arbitration Claim #: 20-01123. Namely, the client alleged that Gary Forrest violated securities laws. This included not just federal laws, but Michigan’s Securities Act and its Consumer Protection Act. In addition, the client suggested that Forrest was in breach of contract and breach of fiduciary duty. It seems that Forrest placed his interests ahead of the client’s interests. Also, the client alleged Forrest's negligence and deceptive transactions. For this reason, the client asked for $300,000 in damages in this ongoing matter.

FINRA Orders Fine, Suspension And Disgorgement Against Forrest For Woodbridge Notes

Notably, on April 11, 2019, FINRA issued a 10-month suspension to Gary Forrest for violating its rules on private securities transactions. Supposedly, Forrest sold $826,986 in a purported real-estate investment fund, Woodbridge Group of Companies, to 15+ investors without American Portfolios’ consent and against its wishes. Most of the investors held accounts with American Portfolios at the time of these transactions. FINRA also pointed out that Forrest made more than $25,000 for selling Woodbridge investments. Evidently, Woodbridge filed for Chapter 11 bankruptcy following investors’ purchases.
FINRA stated that American Portfolios specifically denied Forrest’s request to sell Woodbridge notes, but he did to anyway. Forrest was suspended from April 15, 2019 and February 14, 2020.
Also, Michigan issued Forrest a $3,000 fine for selling 12 Woodbridge securities. The state regulator alleged that Forrest’s Woodbridge securities were unregistered and did not have any exemption from registration in Michigan.

Forrest Allegedly Misrepresented American Portfolios Client’s Investments

A client of Gary Forrest took issue with his sales practices through a complaint on August 7, 2018. Mainly, the client suggested that Forrest misrepresented a promissory note and a real estate security. It seems that Forrest lied or made false remarks about an investment which was apparently fraudulent and unregistered. The customer could be referring to the Woodbridge securities which FINRA sanctioned Forrest for. Supposedly, Forrest’s securities transactions caused the client to experience losses. Because of this, the client seeks compensatory relief of at least $100,000 from Forrest or American Portfolios. This matter is pending a resolution.

Losses From American Portfolio’s Gary Forrest?

Lars Soreide AVVO 2020 Top Lawyer

Have you experienced losses by investing with Gary Forrest? If so, reach out to Soreide Law Group at (888) 760-6552 and speak with experienced counsel concerning a possible recovery of your investment losses. Soreide Law Group represents clients on a contingency fee basis and advances all costs. The law firm has recovered millions of dollars for clients who have incurred losses due to misconduct of securities firms and brokers like Forrest.

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