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Illiquid Securities Losses with Former Voya Financial Advisors, Inc., Capital Investment Group, Inc., and IFS Securities Broker Ashley Woodard

Posted on Monday, December 2nd, 2019 at 12:52 pm    

South Carolina

Former Voya Financial Advisors, Inc., Capital Investment Group, Inc., and IFS Securities broker Ashley Woodard (CRD# 4703144) is the subject of six customer complaints related to investment losses in illiquid securities. Woodard has been registered with NYLife Securities LLC in Greenville, South Carolina since 2017. Previously, Woodard was registered with IFS Securities in Greenville, South Carolina from May to November 2017 and previously with Voya Financial Advisors, Inc. in Greenville, South Carolina from 2013 to 2017. 

Woodard has been the subject of 10 customer complaints between 2019 and 2020, one of which was closed without action, according to his CRD report:

July 2020. “Claimants allege that their interests were disregarded and they were steered into multiple illiquid and unsuitable private placement investments. Claimants are seeking actual damages over $5,000,000, together with rescission, interest, punitive and/or treble damages, costs, and attorney’s fees.” The customer is seeking $5 million in damages. The complaint took place while Woodard was registered with Voya Financial Advisors, Inc. and was regarding variable annuities, real estate securities, and unit investment trust (UITs). 

July 2020. “Claimants allege they were steered into multiple illiquid and unsuitable private placement investments Claimants are seeking actual damages between $50,000.01 and $100,000, together with rescission, interest, punitive damages, costs, and attorney’s fees.” The customer is seeking $50,000 in damages. The complaint took place while Woodard was registered with Voya Financial Advisors, Inc. and was regarding real estate securities.

November 2019. “Allegations include recommendations were made for unsuitable and illiquid securities.” The customer sought $100,000.01 in damages and the case was settled for $80,000.

May 2019. “Claimants allege misrepresentation and suitability related to recommended alternative/illiquid securities.” The customer sought $100,000 in damages and the case was settled for $107,500. The complaint took place while Woodard was registered with Voya Financial Advisors, Inc. and IFS Securities and was regarding real estate securities. 

May 2019. “Claimant alleges that she was misled regarding the nature and risks of multiple illiquid private placement investments which were inappropriate for her financial needs. Dates: 2011 to Present.” The customer sought $1 million in damages and the case was settled for $95,000. The complaint took place while Woodard was registered with Voya Financial Advisors, Inc., Capital Investment Group, Inc., and IFS Securities and was regarding direct investments and real estate securities. 

May 2019. “Claimant alleges that unsuitable and illiquid securities were recommended.” The customer sought $1 million in damages and the case was settled for $750,000. The complaint took place while Woodard was registered with Voya Financial Advisors, Inc., Capital Investment Group, Inc., and IFS Securities and was regarding direct investments and real estate securities. 

March 2019. “Claimant alleges that in or about January 2016 and February 2017, she was advised to liquidate her entire portfolio and invest in unsuitable, high risk, high fee, and illiquid investments.” The case was settled for $37,500. The complaint took place while Woodard was registered with Voya Financial Advisors, Inc. and IFS Securities and was regarding variable annuities, direct investments, and real estate securities.

Pursuant to FINRA Rules, member firms are responsible for supervising a broker’s activities during the time the broker is registered with the firm. Therefore, Voya Financial Advisors, Inc., Capital Investment Group, Inc., and IFS Securities may be liable for investment or other losses suffered by Woodard’s customers.

Erez Law represents investors in the United States for claims against brokers and brokerage firms for wrongdoing. If and have experienced investment losses, please call us at 888-840-1571 or complete our contact form for a free consultation. Erez Law is a nationally recognized law firm representing individuals, trusts, corporations and institutions in claims against brokerage firms, banks and insurance companies on a contingency fee basis.