March 2018- Kilgore, TX
The FINRA records of Jerry D. Raines, a previously registered stock broker who was last employed by HD Vest Investment Services and Signal Securities, disclose two pending customer disputes involving Woodbridge Mortgage Investment Funds.
The Financial Industry Regulatory Authority (FINRA) is the agency that licenses and regulates stockbrokers and brokerage firms. FINRA requires brokers and brokerage firms to report customer complaints and disputes as well as regulatory sanctions. In addition brokers are required to disclose certain financial matters such as personal bankruptcies, judgments and liens.
In FINRA Case 18-00359,which was filed in February 2018, a customer Signal Securities, alleges that he was sold a Woodbridge Mortgage Investment which has filed for bankruptcy and is seeking damages of at least $100,000.
In FINRA Case 18-00310, filed in February 2018, a customer of Signal Securities is seeking damages of $450,000 for losses on Woodbridge Mortgage Investments Funds.
Woodbridge-A $1.2 billion Ponzi According to SEC
The U.S. Securities and Exchange Commission announced charges and an asset freeze against a group of unregistered funds and their owner who allegedly bilked thousands of retail investors, many of them seniors, in a $1.2 billion Ponzi scheme.
According to the SEC’s complaint, unsealed in federal court in Miami, Florida, Robert H. Shapiro and a group of unregistered investment companies called the Woodbridge Group of Companies LLC, formerly headquartered in Boca Raton, Florida, defrauded more than 8,400 investors in unregistered Woodbridge funds.
“We allege that through aggressive tactics, Woodbridge and Shapiro swindled seniors into a business model built on lies, which the SEC’s Miami Regional Office staff moved to halt,” said Stephanie Avakian, Co-Director of the SEC’s Enforcement Division.
“Our complaint alleges that Woodbridge’s business model was a sham,” said Steven Peikin, Co-Director of the SEC’s Enforcement Division. “The only way Woodbridge was able to pay investors their dividends and interest payments was through the constant infusion of new investor money.”
“Our complaint further alleges that Shapiro used a web of layered companies to conceal his ownership interest in the purported third-party borrowers,” said Eric I. Bustillo, Director of the SEC’s Miami Regional Office. “Shapiro used the scheme to line his pockets with millions of investor dollars.”
Raines was employed by HD Vest Investment Services from 8/2014-5/2017. Prior to that he was with Signal Securities, Inc. from 4/2013-6/2014 and before that with Woodmen Financial Services.
If you have losses in an account handled by Jerry Raines, call for a no charge consultation to learn about your options.
Rex Securities Law , with offices in Boca Raton, FL, and Austin, TX, provides representation to investors nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney.
Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.
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