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Investigation of Former LPL Financial LLC Broker Donald Woods

Posted on Wednesday, May 20th, 2020 at 7:11 am    

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There are options for clients that suffered investment losses due to recommendations from former LPL Financial LLC broker Donald Woods (CRD# 727894). Woods was registered with Thurston Springer Financial in Louisville, Kentucky from 2016 to 2018 and previously with LPL Financial LLC in Louisville, Kentucky from 2010 to 2017. 

Woods has been the subject of 11 customer complaints between 2016 and 2019, one of which was denied, according to his CRD report:

October 2019. “Claimants allege they desired to purchase low-risk investments, but were encouraged to invest in risky business development companies and reits through ongoing misrepresentations, which caused them monetary losses. They further allege losses in connection with a variable annuity. They also allege LPL failed to adequately supervise claimants’ representatives.” The customer is seeking $140,000 in damages and the case is currently pending. The complaint took place while Woods was registered with LPL Financial LLC and was regarding variable annuities, direct investments, and real estate securities. 

June 2019. “Customers allege through counsel failure to disclose risks and fees associated with annuity purchases, and misrepresentation and unsuitable recommendation with respect to alternative investments.” The case is currently pending. The complaint took place while Woods was registered with LPL Financial LLC and was regarding variable annuities and business development companies (BDCs). 

March 2019. “Customers allege misrepresentation and unsuitable recommendations in connection with alternative investment purchases.” The case is currently pending. The complaint took place while Woods was registered with LPL Financial LLC and was regarding real estate securities. 

February 2019. “Customers allege through counsel misrepresentation and unsuitable in connection with alternative investments.” The customer is seeking $350,000 in damages in this pending complaint. The complaint took place while Woods was registered with LPL Financial LLC and was regarding real estate securities and BDCs. 

January 2019. “Customer alleges misrepresentation and unsuitable investment in connection with an alternative investment.” The case was settled for $10,000. The complaint took place while Woods was registered with LPL Financial LLC and was regarding real estate securities. 

December 2018. “Customers allege misrepresentation and unsuitable investment in connection with two alternative investments.” The customer sought $120,000 in damages and the case was settled for $25,374.83. The complaint took place while Woods was registered with LPL Financial LLC and was regarding BDCs and real estate securities.

August 2018. “Customer alleges excessive selling of variable annuities, misrepresenting or failing to disclose material facts, unsuitability of products and alteration of account profiles.” The customer sought $153,554 in damages and the case was settled for $61,852.07.

March 2018. “Customer’s attorney alleges misrepresentation of financial information, unsuitable investments, unwarranted fees, and failure to invest in a timely manner.” The customer sought $26,889.67 in damages and the case was settled for $17,500. The complaint took place while Woods was registered with LPL Financial LLC and was fixed annuities and common and preferred stocks. 

March 2018. “Customers allege misrepresentation, unsuitable investments, failure to invest in a timely manner, and losses in accounts. Customers also allege some documents were altered and specifically allege they do not recognize certain signatures or initials and other signatures appear to be copies.” The case was settled for $96,480. The complaint took place while Woods was registered with LPL Financial LLC and was regarding variable annuities, mutual funds, and alternative investments.

February 2017. “Thurston Springer is not in possession of complaint or any relevant materials. Thurston springer merely restates prior firm’s public comment: “customer alleges misrepresentation of structured product.” The customer sought $10,574 in damages and the case was settled for $10,722. The complaint took place while Woods was registered with LPL Financial LLC and was regarding alternative investments. 

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, LPL Financial LLC may be liable for investment or other losses suffered by Woods’ 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.