LPL Broker Don Woods Allegedly Recommended, Sold Unsuitable Alternative Investments
Investors are voicing complaints about securities broker Donald “Don” Stephen Woods [CRD#: 727894, Louisville, Kentucky]. Apparently, the securities broker worked for LPL Financial LLC between July 1, 2010 and January 20, 2017 and then worked for Thurston Springer Financial from December 22, 2016 to August 15, 2018. Notably, Woods has been involved in 11 investor disputes which are reported on Financial Industry Regulatory Authority (“FINRA”) BrokerCheck. Apparently, LPL Financial clients indicate that Woods sold unsuitable and misrepresented alternative investments. Here’s more:
LPL Client Indicates Don Woods Sold Unsuitable REITs
Notably, a client of LPL Financial contested Don Woods’ securities recommendations or sales through bringing FINRA Arbitration #: 19-02838 dated October 1, 2019. Allegedly, the securities broker's REIT and BDC sales conflicted with the client's wishes to invest on a low-risk basis. Not only that, but the client was allegedly provided wrong or misleading information about the investments. Also, LPL Financial supposedly did not supervise Woods in any reasonable manner. Evidently, this matter is ongoing.
Woods Allegedly Gives Bad Advice To LPL Financial Client
Apparently, on June 3, 2019, an LPL Financial client filed a complaint concerning Don Woods. It appears that Woods urged the client to buy alternative investments including BDCs which posed an unreasonably high risk for the client. The client suggested that Woods concealed information about investment risks and fees. Evidently, the client experienced losses on variable annuities and alternative investments that Woods recommended. Consequently, the client asked for compensation from LPL Financial or Woods. Evidently, this arbitration is pending a resolution.
LPL Financial Client Indicates That Don Woods Misrepresented Alternative Investments
Also, a client of LPL Financial contested Don Woods’ actions by making a complaint dated March 11, 2019. Allegedly, Woods falsified or misrepresented risks or terms of a real estate security and possibly other alternative investments. Allegedly, the securities broker made unsuitable recommendations of alternative investments. Because of this, the client demanded compensatory relief in this ongoing matter.
Woods Allegedly Altered Documentation, Forged Client Signature
Also, LPL Financial clients filed a complaint about Woods on March 15, 2018. Like many other clients, these clients claimed that the investments Woods sold were inappropriate and that fees were misrepresented or otherwise not disclosed. However, clients who brought this dispute also indicated that Woods may have altered documents and even forged their signatures. Additionally, the clients indicated that some of their assets were uninvested because of Woods causing lost investment opportunities. Evidently, on July 16, 2019, LPL Financial agreed to pay the client $96,480.00 in order to settle this issue.
Losses From Don Woods?
Have you experienced losses by investing with broker Don Woods? If so, reach out to Soreide Law Group at (888) 760-6552 and speak with experienced counsel in regard to possibly recovering your investment losses. Soreide Law Group represents clients on a contingency fee basis and will advance all costs. The law firm has recovered millions of dollars for clients who have incurred losses due to misconduct of securities firms and brokers like Don Woods.
