The Financial Industry Regulatory Authority (“FINRA”) reveals troubling allegations of sales practice violations and regulatory infractions by securities broker Donna Barnard (CRD#: 5653949, Kilgore, Texas). Apparently, the securities broker, who worked at HD vest Investment Services from 2014 to 2017, has not only been barred in all capacities by FINRA on September 7, 2018, but her sales practices have been disputed by approximately 14 investors since February 13, 2018. A closer look at some of these disclosures indicates that Barnard misrepresented Woodbridge investments and stonewalled a FINRA investigation.
HD Vest Client Alleges Donna Barnard Misrepresented Woodbridge Companies
Evidently, as many as three clients of HD Vest Investment Services brought FINRA Arbitration #: 19-00325 on January 30, 2019. Namely, the clients alleged that Donna Barnard misrepresented investments in Woodbridge Companies. Apparently, Barnard gave investors misleading or downright false information about the direct investments. Supposedly, these misrepresentations led the clients to agree to investments that they would not have otherwise agreed to. In addition, the clients alleged that the investments were not suitable for them. For this reason, the clients demanded $500,000 in compensatory relief in this ongoing matter.
Signal Securities Client Alleges Barnard Sold Unauthorized Woodbridge Investments
A client of Signal Securities, Inc. brought FINRA Arbitration #: 18-00282 on March 28, 2018. Namely, the client claimed that Donna Barnard sold Woodbridge Mortgage Fund investments without Signal Securities’ permission. Supposedly, Barnard engaged in either an outside business activity or private securities transaction involving this client’s promissory note purchase. It appears that the client sustained losses following Woodbridge’s bankruptcy filing. For this reason, the client demanded $244,000 in compensation in this ongoing matter.
Donna Barnard Allegedly Fails To Conduct Due Diligence On Woodbridge Investments
Multiple investors who brought disputes from February 13, 2018 to March 27, 2018 about Donna Barnard’s sales claimed that she did not conduct reasonable due diligence on investments. Apparently, Barnard’s failure to conduct due diligence preceded her recommendations of Woodbridge Mortgage Investment Funds 1 and 2 – unregistered securities. Allegedly, Barnard also misrepresented information about these investments and gave clients bad advice. Those client disputes were settled through payments which all together exceeded $1,000,000.
FINRA Bars Barnard For Stonewalling Investigation Into Woodbridge Sales
Donna Barnard signed a Letter of Acceptance, Waiver and Consent (the “AWC”) in September 2018 which effectively barred her from having an association with a FINRA member. In fact, FINRA specifically wanted Barnard to disclose information and any documents relating to her involvement in Woodbridge Group of Companies promissory note sales. The AWC contains allegations of Barnard refusing to produce documents and information FINRA asked for. Barnard’s indefinite bar went into effect September 7, 2018.
Did you incur losses by investing in Woodbridge investments through Donna Barnard? If you have, reach out to Soreide Law Group at (888) 760-6552. Speak with experienced counsel about a possible recovery of your investment losses. The law firm represents clients on a contingency fee basis and advances all costs. Soreide Law Group has recovered millions of dollars for clients who have suffered losses due to misconduct of securities brokers and advisors.