Ken New (Kenneth James New) is a broker and investment advisor registered with Center Street Securities, Inc. and their corresponding investment advisory firm, Center Street Advisors, Inc. He is the founder of Pinnacle Financial Wealth Management. According to FINRA’s BrokerCheck, Ken New is the subject of 1 regulatory disclosure.
Peiffer Wolf is currently investigating claims against Ken New of Center Street Securities for his recommendation of GWG and potentially other alternative investments. If you’ve invested with Ken New, Contact Us by calling 585-310-5140 or by filling out an online Contact Form for a FREE Consultation.
According to FINRA’s BrokerCheck, Kenneth James New is the subject of 1 Regulatory Disclosure, Initiated by the Florida Department of Financial Services for violation of Florida insurance regulations. For this violation, Mr. New was fined and given 1-year probation.
Peiffer Wolf is actively investigating Ken New for his alleged recommendation of alternative investments such as:
GWG L Bonds were created and issued by GWG Holdings:
“Highly speculative, the L bond sought to provide a high yield for the bondholder in exchange for the risk that insurance policy premiums or benefits may not be paid. [They] were highly illiquid—there was no way for bondholders to resell them, except back to GWG Holdings at a redemption fee.” (Investopedia)
Illiquid investments mean investors may be stuck in the investment and unable to access their money. Moreover, many illiquid investments cannot be freely sold in the marketplace. All too often, investors trying to exit or access their money are faced with two bad options: sell the shares directly back to the sponsor at a heavily discounted price or sell the shares for pennies on the dollar through the limited secondary markets.
Prior to Center Street Securities, Mr. New was registered with John Hancock Mutual Life Insurance Company, Signator Investors, Ameritas Investment Corp., USA Financial Securities Corporation, Brookstone Capital Management, and Pinnacle Financial Wealth Management.
To review Ken New’s Brokercheck report, click here:
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Financial advisors (brokers) have a legal obligation and regulatory obligation to recommend only suitable investments that are appropriate for their individual clients. Their broker-dealer (employing brokerage firm) has a legal obligation and regulatory obligation to supervise the financial advisor’s sales practices and dealings with clients. To the extent that any of these duties are breached, the customer may be entitled to a recovery of his or her investment losses.
Based on our experience, we believe that there are investors who may have been the victims of Ken New’s alleged broker misconduct and investment fraud, especially in relation to recommendations to invest in GWG. If you invested with Ken New of Center Street Securities, contact Peiffer Wolf immediately for a FREE Consultation: 585-310-5140.
If you believe you were a victim of investment fraud or broker misconduct, it is imperative to take action. Peiffer Wolf has represented thousands of victims, and we remain committed to fighting on behalf of investors.
Peiffer Wolf is currently investigating Ken New’s practices, as well as the products he recommended to individual investors. Concerns about possible broker misconduct and investment fraud are serious, and we are committed to fighting on behalf of investors. Contact Us Today for a FREE Consultation.