Gary Arthur Forrest of Swartz Creek, Michigan submitted a Letter of Acceptance, Waiver and Consent (AWC) to the Financial Industry Regulatory Authority (FINRA) in which he has been fined and suspended for allegedly engaging in unapproved private transactions in violation of FINRA Rules 3280 and 2010.
In February 2007, Gary Arthur Forrest joined American Portfolio as a General Securities Representative where he remained until his termination on November 16, 2016. According to the FINRA findings, Forrest engaged in private securities transactions involving the sale of Woodbridge promissory notes totaling $826,986 to 15 investors, 13 of whom were his firm’s customers. The findings stated that Forrest sold the promissory notes, despite being denied approval from his firm upon request. In addition, Woodbridge later filed a voluntary Chapter 11 bankruptcy petition and subsequent judgment required Woodbridge and it former owner to disgorge their ill-gotten gains. Continue Reading