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Joel Flaningan Facing Unsuitable Investment Allegations

Apr 6, 2022 Unsuitable Investments

Joel Flaningan (CRD #: 5664958), a broker registered with Merrill Lynch, Pierce, Fenner & Smith Incorporated, is facing allegations of unsuitable investment recommendations. This information is from Joel Flaningan’s BrokerCheck record, accessed on March 23, 2022. You can find more information below about Joel Flaningan’s conduct as a broker.

Unregistered and Unsuitable Investment Allegations

On February 11, 2022, an investor alleged that in or about June 2017, Joel Flaningan recommended an unregistered security: PRMH Lenders Fund II, LLC Promissory Note. The investor is seeking $97,000, plus interest, attorney's fees, and costs. The dispute is pending.

On February 7, 2022, an investor alleged that in or about August 2017, Joel Flaningan recommended an unregistered security: PRMH Lenders Fund II, LLC Promissory Note. The investor is seeking actual damages estimated at $50,000, plus interest, attorney's fees, and costs. The dispute is pending.

There are four settled investor disputes from 2019 that allege Joel Flaningan recommended unregistered investment products. These disputes were collectively settled for $168,384.28. The investment products involved included American Alternative Investments, Woodbridge Promissory Notes, an investment in FIP, LLC, an investment in Woodbridge Mortgage Investment Fund, and a 1 Global Capital LLC Promissory Note.

Employment Termination and FINRA Bar

On May 10, 2018, Joel Flaningan was terminated from his position with NYLIFE Securities LLC after allegations that he solicited clients to invest in an unregistered entity called Woodbridge Mortgage Investment Fund, which filed for bankruptcy protection and was the subject of an SEC action.

On November 18, 2018, Joel Flaningan was barred by FINRA from acting as a broker or otherwise associating with a broker-dealer firm. This action followed his failure to respond to a FINRA request for information.

On February 1, 2016, Joel Flaningan filed for bankruptcy.

What is an Unsuitable Investment?

FINRA Rule 2111 requires brokers to evaluate whether an investment fits their investor’s financial goals. Brokers must examine the investor’s profile, which contains the following investor characteristics:

  • Age
  • Financial goals
  • Risk tolerance
  • Time horizon (i.e., how long the investor plans to hold the investment)
  • Investing experience
  • Tax status

Background Information

Joel Flaningan has passed the following exams:

  • Series 63 - Uniform Securities Agent State Law Examination
  • SIE - Securities Industry Essentials Examination
  • Series 6 - Investment Company Products/Variable Contracts Representative Examination

He has worked for the following firms:

  • NYLIFE Securities LLC (CRD#:5167)

Kurta Law Can Help

If you worked with Joel Flaningan and have concerns about your investments, please contact us today at 877-600-0098 or info@kurtalawfirm.com for a free consultation.

For over 20 years, Kurta Law has advocated on behalf of investors who want to recover their investment losses from brokers and brokerage firms. Kurta Law is a nationally recognized law firm and exclusively represents investors against brokers and brokerage firms on a contingency basis. This means that the firm only earns a fee if our securities attorneys recover money on your behalf.