The law firm of Oakes & Fosher is presently investigating the alleged misconduct of former securities broker Donald Woods. According to his publicly available FINRA BrokerCheck report, Donald Woods has been the subject of multiple customer disputes.

Donald Woods was a Kentucky based securities broker. He worked in the securities industry for thirty-one years. During his career, he was registered with eight different securities firms. He is no longer working as a registered securities broker in any fashion.

His Registrations

  • Almstedt Brothers (1981-1984)
  • J.C. Bradford & Co. (1981-1989)
  • Money Concepts Capital Corp. (1991-1994, 2004-2005)
  • Wedgewood Partners (1994-2000)
  • AXA Advisors (2000-2004)
  • Wells Fargo Advisors (2008-2009)
  • LPL Financial (2010-2017)
  • Thurston Springer Financial (2016-2018)

The Allegations

  • In February 2017, a customer alleged that Donald Woods made material misrepresentations about a structured product. This case was settled for $10,722 in damages.
  • In March 2018, customers alleged that Donald Woods made material misrepresentations, recommended unsuitable investments, failed to invest in a timely manner, and forged their signatures on account documents. This case was settled for $96,480 in damages.
  • Also in March 2018, a customer alleged that Donald Woods made material misrepresentations, recommended unsuitable investments, charged them unwarranted fees, and failed to invest in a timely manner. This case was settled for $17,500 in damages.
  • In August 2018, a customer alleged that Donald Woods excessively traded their account in variable annuities, made material misrepresentations, failed to disclose material facts, recommended unsuitable products, and altered account profiles. This case was settled for $61,852 in damages.
  • In December 2018, customers alleged that Donald Woods made material misrepresentations and recommended unsuitable investments concerning two alternative investments. This case was settled for $25,374 in damages.
  • In February 2019, an attorney, on behalf of customers, alleged that Donald Woods made material misrepresentations and recommended unsuitable alternative investments. This case is currently pending. The customers are seeking $350,000 in damages.

What Does This Mean?

Misrepresentation occurs whenever a securities broker provides an investor with information about an investment, or potential investment, that has been falsified in some respect. Misrepresentation can either be committed on purpose, through the broker’s intent to defraud the investor in some way, or by accident, through the broker’s own negligence. Regardless of the broker’s intent, misrepresentation can cause significant financial harm as it can cause investors to make crucial financial decisions based on misinformation.

Oakes & Fosher Can Help

Many investors are unaware of the legal recourse available to them after losing money due to securities broker fraud and/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 Donald Woods, 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.