Donald Woods, formerly with LPL Financial, Suspended Six Months by FINRA
Have you lost money with financial advisor Donald S. Woods from Louisville, Kentucky? We are looking into allegations made by FINRA (the Financial Industry Regulatory Authority) against Donald Woods. FINRA filed a complaint against Woods regarding allegations while he was affiliated with LPL Financial. Woods was alleged to have improperly inflated customers’ net worths on applications to buy investments like REITs (real estate investment trusts). Woods was suspended for 6 months from the securities industry, fined $10,000, and ordered to disgorge $5,600 in commissions.
Donald Woods was a registered representative and financial advisor with LPL Financial from 2010 to January 2017. He was also affiliated with Thurston Springer Miller from December 2016 to August 2018. He worked out of a branch office in Louisville, Kentucky. Woods has also been the subject of at least eleven customer complaints.
Broker-dealers like LPL Financial have a responsibility to adequately supervise all representatives who are registered through their firm, including investments sold by their registered representatives. Broker-dealers also must take steps to ensure that their financial advisors follow all securities rules and regulations. When broker-dealers fail to adequately supervise their registered representatives, they may be liable for investment losses sustained by customers.
Israels & Neuman PLC is a securities and investment fraud law firm with offices in Denver, Colorado; Seattle, Washington; Phoenix, Arizona; and Ann Arbor, Michigan. We represent investors in FINRA arbitration proceedings in all 50 states, including investors in Kentucky. Our attorneys have represented over one thousand investors against many brokerage firms in the past, including against LPL Financial.