| Read Time: 3 minutes | Broker Misconduct | Stockbrokers In The News |

Alan Harold New of Fort Wayne, Indiana submitted a Letter of Acceptance, Waiver and Consent (AWC) to the Financial Industry Regulatory Authority (FINRA) in which he was barred for allegedly failing to provide documents to FINRA in violation of FINRA Rules 8210 and 2010.


From 2004 through 2016, Alan Harold New was registered as an Investment Company and Variable Contracts Products Representative with NYLIFE Securities LLC. According to FINRA, a request was sent to Mr. New regarding his participation in the sale of promissory notes related to the Woodbridge group of companies LLC. The findings stated that Mr. New allegedly raised approximately $15 million from the sale of the promissory notes and earned at least $1.5 million in commission. In addition, FINRA revealed nine days after the request was sent, Mr. New’s attorney responded stating that he allegedly received, acknowledged, and refused to provide the information and documents requested. Although Mr. New is not currently registered with any firm, he remains subject to FINRA’s jurisdiction.


FINRA Rule 8210(a)(1) states, in relevant part, that FINRA has the right to “require a member, person associated with a member, or any other person subject to FINRA’s jurisdiction to provide information orally, in writing, or electronically . . . with respect to any matter involved in the investigation . . .” FINRA Rule 8210(c) states that “{n]o member or person shall fail to provide information or testimony or to permit inspection and copying of books, records, or accounts pursuant to this Rule.” A failure to comply with FINRA Rule 8210 is a violation of FINRA Rule 2010, which requires associated persons to observe high standards of commercial honor and just and equitable principles of trade.


Without admitting or denying the findings, Mr. New consented to the sanction and has been barred from association with any FINRA member in all capacities.


Stockbrokers have been known to engage in many practices that may violate industry and firm rules, practices, and procedures. In order to protect investors from stockbroker misconduct, FINRA rules require brokerage firms to establish and implement a supervisory system. The implementation of these industry rules requires supervisors to monitor their employees to ensure compliance with federal and state securities laws, securities industry rules and regulations, and the brokerage firm’s own policies and procedures. If broker-dealers and/or their supervisors fail to establish and implement these protective measures, they may be liable to investors for damages which flow from the broker’s misconduct. Therefore, investors who have suffered losses stemming from misconduct, by their broker can file claims to recover damages against broker-dealers, like NYLIFE Securities LLC which should consistently oversee its brokers’ activities in order to prevent the above-described misconduct.


Have you suffered losses in your NYLIFE account due to misconduct by your broker? Was Alan Harold New your stockbroker? If so, call Robert Pearce at the Law Offices of Robert Wayne Pearce, P.A. for a free consultation. Mr. Pearce is accepting clients with valid claims against NYLIFE stockbrokers who may have engaged in broker misconduct and caused investors’ losses.


The most important of investors’ rights is the right to be informed! This Investors’ Rights blog post is by the Law Offices of Robert Wayne Pearce, P.A., located in Boca Raton, Florida. For over 40 years, Attorney Pearce has tried, arbitrated, and mediated hundreds of disputes involving complex securities, commodities, and investment law issues. The lawyers at our law firm are devoted to protecting investors’ rights throughout the United States and internationally! Please visit our website, www.secatty.com, post a comment, call (800) 732-2889, or email Mr. Pearce at pearce@rwpearce.com for answers to any of your questions about this blog post and/or any related matter.

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Robert Pearce

Robert Wayne Pearce of The Law Offices of Robert Wayne Pearce, P.A. has been a trial attorney for more than 40 years and has helped recover over $125 million dollars for his clients. During that time, he developed a well-respected and highly accomplished legal career representing investors and brokers in disputes with one another and the government and industry regulators. To speak with Attorney Pearce, call (800) 732-2889 or Contact Us online for a FREE INITIAL CONSULTATION with Attorney Pearce about your case.

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