FINRA Fined and Suspended Michigan Broker

The following information was obtained on FINRA’s website under “Disciplinary and Other FINRA Actions, June, 2013,” by Soreide Law Group, a Securities Arbitration Law Firm, (888) 760-6552.

Michael John Woods (CRD #1884701, Registered Principal, Dexter, Michigan)

was fined $20,000 and suspended from association with any FINRA member in any capacity for two years.
Without admitting or denying the findings, Woods consented to the described sanctions and to the entry of findings that he engaged in an outside business activity without providing prompt written notice to his member firm.

FINRA's findings stated that Woods obtained signature authority on the firm customer’s bank account and wrote checks to pay the customer’s monthly bills in exchange for fees that totaled at least $1,500. The customer, at the time, was 78 years old, was arthritic, and according to Woods, needed help to manage his affairs. The findings also stated that Woods created a false document bearing the customer’s photocopied signature by photocopying the customer’s signature from a variable annuity withdrawal form the customer had previously signed. Woods dated the new form and submitted the document to the annuity issuer three days after the customer died. The withdrawn monies were deposited into the customer’s bank account, which Woods controlled as the trustee of the customer’s trust. Woods issued checks drawn from that bank account to pay himself fees for estate services that he rendered as trustee of the trust. The findings also included that Woods willfully failed to timely disclose federal tax liens levied against him on his Form U4.
The suspension is in effect from May 6, 2013, through May 5, 2015.
(FINRA Case #2011027621801)

According to FINRA's BrokerCheck, Mike Woods was previously registered with FINRA at the following brokerage firms:
FORTUNE FINANCIAL SERVICES, INC.
CRD# 42150
DEXTER, MI
04/2005 - 06/2011

FIRST ALLIED SECURITIES, INC.
CRD# 32444
SAN DIEGO, CA
01/2004 - 04/2005

FIRST ALLIED SECURITIES
CRD# 6413
BOSTON, MA
11/2001 - 02/2004

This ends the information obtained on FINRA’s website.

If you or a loved one have experienced investment losses due to your stock broker/financial advisor’s recommendations, call Soreide Law Group for a free consultation with an attorney on how to potentially recover your losses: 888-760-6552.