Jeffrey Scott Nimmow Barred by FINRA

Soreide Law Group obtained the following information from FINRA’s website located under, “Disciplinary and Other FINRA Actions, April 2020.”
Jeffrey Scott Nimmow (CRD #2693601, Merrimac, Wisconsin)
According to FINRA, an Acceptance, Waiver, and Consent (AWC) was issued in which Jeffrey Scott Nimmow was barred from association with any FINRA member in all capacities.
Without admitting or denying FINRA’s findings, Jeffrey Scott Nimmow consented to the sanction and to the entry of findings that he allegedly engaged in the sale of promissory notes to investors totaling at least $3,365,000 without disclosing and receiving approval from his member firm.
FINRA’s findings stated that the promissory notes were for a self-advertised real-estate investment fund and were unregistered securities. FINRA also stated that Jeffrey Scott Nimmow was only registered to sell certain categories of securities and did not possess the proper FINRA registration to sell these promissory notes.
According to FINRA, Jeffrey Scott Nimmow received approximately $177,937 in commissions for these transactions. Later, the real-estate investment fund filed a voluntary Chapter 11 bankruptcy petition. The Securities and Exchange Commission (SEC) filed a complaint with the U.S. District Court for the Southern District of Florida against the fund and its former owner, among others, claiming that they ran a Ponzi scheme. The U.S. District Court issued a final judgement, requiring the fund and its owner to, among other things, disgorge their ill-gotten gains. The order also required the owner to pay a civil penalty.
(FINRA Case #2018057522001)
In December of 2017, Woodbridge Group filed Chapter 11 bankruptcy. A federal judge in Florida sentenced the former CEO, Robert Shapiro, to 25 years in prison for his role in the $1.3 billion Ponzi scheme, which harmed approximately 10,000 investors.
According to FINRA’s BrokerCheck, Jeffrey Scott Nimmow was registered from 08/10/2015 until 03/23/2018 with FOREST SECURITIES, INC of HILLSIDE, ILLINOIS, this was during the time of the alleged sale of the Woodbridge notes. Nimmow has 5 Disclosures on his CRD report, 3 are Customer Disputes, 2 specifically involving Woodbridge. One of the Disclosures was an Employment Separation after Allegations in March of 2018, discharging Nimmow from Forest Securities following allegations, “Inaccurate judgement by the representative involving Woodbridge promissory notes and mortgages contained in Woodbridge funds. Representative presented Woodbridge to customers through Legacy Financial Network& Retirement Services, Inc. a company Representative solely owned. After providing Outside Business Activity approval for Representative to sell to sell First Position Commercial Mortgages thru Legacy, Forest did not receive any compensation for these transactions.”
If you’ve suffered losses in Woodbridge notes sold by Jeffrey Scott Nimmow formerly of Forest Securities, Inc. of Hillside, Illinois, or any other broker/dealer, contact Soreide Law Group and speak at no cost to a lawyer regarding the possible recovery of your investment losses at:  888-760-6552.
Soreide Law Group works on a contingency fee basis and represents our clients nationwide before FINRA.