The law firm of Oakes & Fosher is currently investigating the possibility that securities broker Ashley Woodard recommended alternative investments to multiple customers not suited for them. According to his publicly available FINRA BrokerCheck report, he has been the subject of multiple customer disputes over the course of 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.

Registrations

  • 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)

Allegations

  • In March 2019, a customer alleged that Ashley Woodard advised her to liquidate her entire portfolio and invest in highly illiquid alternative investments. This case was settled for $37,500 in damages.
  • In May 2019, a customer alleged  that Ashley Woodard recommended unsuitable and illiquid investments. This case is currently pending. The customer is seeking $1 million in damages.
  • Also in May 2019, a customer alleged that Ashley Woodard misled her regarding the risks associated with private placement investments. This case was settled for $95,000 in damages.
  • Also in May 2019, a customer alleged that Ashley Woodard made material misrepresentations and recommended highly unsuitable alternative investments. This case was settled for $107,500 in damages.
  • In October 2019, another customer alleged that Ashley Woodard recommended highly illiquid alternative investments. This case is currently pending. The customer is seeking $100,000 in damages.
  • In November 2019, another customer alleged that Ashley Woodard recommended unsuitable alternative investments. This case is currently pending. The customer is seeking $100,001 in damages.

What Does This Mean?

The term alternative investments is used to describe securities not sold on any public stock exchanges. Due to their private nature, there is also a significant lack over oversight associated with these products. This lack of oversight works to the advantage of less than scrupulous securities brokers trying to sell these products. It essentially provides them with ample opportunity to misrepresent the details of these products when recommending them to investors they are not suitable for. The truth is that alternative investments are, by their nature, incredibly speculative investments. They are also incredibly illiquid due to their private nature. Their stated market value is not necessarily what an investor can receive for their shares should they need to liquidate. Due to all these factors and more, alternative investments are 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. The truth is that investors who have lost money in this fashion may actually be entitled to damages. 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 alternative investments in general, please contact Oakes & Fosher for a free and private consultation. Oakes & Fosher handles cases on a contingency basis, which means there are no fees charged unless we collect for you.