Many individuals contact Oakes & Fosher regarding issues they had being invested in what are known as non-traded Real Estate Investment Trusts, also known as non-traded REITs. Oakes & Fosher is currently investigating the possibility that securities broker Ashley Woodard recommended these unsuitable securities to customers. According to his publicly available FINRA BrokerCheck report, he has received multiple customer complaints during his career.
Ashley Woodard is a South Carolina based securities broker. He has worked in the securities industry for fifteen years. During his career, he has been registered with nine different securities firms.
- IDS Life Insurance Company (2003-2004)
- Ameriprise Financial Services (2003-2006)
- New England Securities (2006, 2007-2009)
- Cuna Brokerage Services (2006-2007)
- Brookstone Securities, Inc. (2009-2011)
- Capital Investment Group (2011-2013)
- Voya Financial Advisors (2013-2017)
- IFS Securities (2017)
- NYLIFE Securities (2017-Present)
- In March 2019, a customer alleged that Ashley Woodard advised her to liquidate her entire portfolio and invest in highly unsuitable non-traded REITs. This case is currently pending. The customer is seeking an undisclosed amount in damages.
- In May 2019, a customer alleged that she was misled regarding the illiquid nature and inherent risks of the non-traded REITs that Ashley Woodard placed her in. These alleged transgressions taking place between 2011 and 2019. This case is currently pending. The customer is seeking $1 million in damages.
What Does This Mean?
Non-traded REITs are privately traded securities not sold on any public stock exchanges. This means that there is a great potential for oversight that accompanies these securities. This lack of over-sight works to the advantage of brokers trying to sell these products, because it helps misrepresent the details of the product when selling them to investors they are not suitable for.
Non-traded REITs are, by their nature, incredibly risky and speculative investments. They are also incredibly illiquid as, due to them not being sold on public exchanges, their stated market value is not necessarily what an investor can get for their shares should they need to liquidate. Due to all these factors and more, non-traded REITs are highly unsuitable for investors with modest investment objectives, a need for liquidity, or a contrary financial situation.
Oakes & Fosher Can Help
Many investors are not aware of the legal recourse available to them after losing money due to stock broker fraud or negligence. Oakes & Fosher dedicates its entire legal practice to helping investors across the nation. If you, or someone you know, have lost money investing with Ashley Woodard, or non-traded REITs in general, please contact Oakes & Fosher for a free and private consultation.