Alex Ford, Former NYLife Securities Rep Charged with Fraud
Have you suffered losses investing with Alex Ford and NYLife Securities in Raleigh, North Carolina? If so, the securities attorneys at The White Law Group may be able to help you to recover your losses by filing a FINRA Dispute Resolution Claim.
According to news report yesterday, Furman Alexander Ford “Alex Ford”, a former financial advisor in Raleigh, NC, has reportedly been charged with 11 counts of fraud.
In the statement, the U.S. attorney for the Eastern District of North Carolina said that Ford, 49, allegedly created and submitted fraudulent letters on behalf of an elderly customer for payments totaling $246,000.
Ford was a registered financial adviser at New York Life Insurance during the alleged fraud. According to his FINRA BrokerCheck report, he worked at NYLife Securities from October 2007 until April 2015.
According to the statement, the victim inherited property worth $1.3 million from a relative in Fayetteville, NC. Ford helped the victim establish a charitable trust and, as a financial agent, allegedly wrote and submitted letters of withdrawal from the trust, which the client needed to sign.
According to the statement, Ford allegedly wrote and submitted 11 fraudulent letters, requesting funds from $5,000 to $45,000. The money was wired into the victim’s personal checking account, which is in violation of New York Life Insurance’s policy.
Authorities allege that some of the fraudulent letters appear to have the victim’s signature copied from a legitimate letter, and some appear to have been forged by Ford.
Ford is reportedly facing 20 years in prison if found guilty of the charges.
Recovery of Investment Losses
The White Law Group is investigating potential claims involving Ford and the liability his former employers may have for failure to properly supervise him.
Under FINRA rules and regulations, Broker-Dealers are responsible for supervising the actions of those advisors registered with their firm, and therefore may be held liable for the actions of their Broker(s).
The White Law Group, LLC is a national securities fraud, securities arbitration, investor protection, and securities regulation/compliance law firm with offices in Chicago, Illinois and Franklin, Tennessee.
We represent investors in FINRA arbitration claims in all 50 states, including North Carolina. Our attorneys have recovered millions of dollars from many brokerage firms in the past.
If you are concerned about you investment losses with Alex Ford, please call the securities fraud attorneys at The White Law Group at 888-637-5510 for a free consultation.
For more information on The White Law Group, and its representation of investors, please visit www.WhiteSecuritiesLaw.com.