July 2021– Louisville, KY
The FINRA records of Donald Stephen Woods, a former stockbroker who was last employed by Thurston Springer Financial , disclose a final regulatory event, 11 settled customer disputes and 1 pending customer disputes.
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 May 2020, in case #2018058133301, FINRA alleged that Woods submitted applications to purchase real estate investment trusts (REITs) that overstated the customers’ liquid net worth in order to circumvent his member firms restrictions. The findings stated that Woods did not have a reasonable basis for recommending that the customers purchase the REITs which were inconsistent with the customers; investment profiles. Sanctions were a six month suspension from May 2020 to November 2020, Disgorgement in the amount of $5,600 and a $10,000 fine.
From February 2017 until November 2019, 8 cases were filed by customers of Woods previous employer, LPL Financial, alleging among other things, that they were encouraged to invest in risky alternative investments, including business development companies and REITs, through ongoing misrepresentations which caused them monetary losses. The customers alleged altered documents and that they do not recognize signatures or initials on disclosure documents. Settlements total about $300,000.
In a pending matter, a customer of LPL Financial seeks $69,000 and alleges unsuitable recommendations to invest in BDCs( Business Development Companies) and REITs.
Woods was employed by Thurston Springer Financial from December 2016 until August of 2018. Before that time he was employed with LPL Financial, Wells Fargo Advisors, Money Concepts Capital Corp. and AXA Advisors.
If you have questions about an account handled by Donald Stephen Woods call for a no charge consultation .
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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