Many investors are unaware of the legal recourse available to them if they have lost money due to a securities broker’s negligence and/or fraud. The truth is that investors who believe they have lost money in this fashion may be entitled to damages. The law firm of Oakes & Fosher interested in hearing from investors who feel this may be them.

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

Steven M. Woods is a New York based securities broker. He has worked in the securities industry for nine years. During his career, he has been registered with five different securities firms.

His Registrations

  • John Thomas Financial (2009-2012)
  • Buckman, Buckman & Reid (2012)
  • Meyers Associates (2012-2013)
  • Laidlaw & Company (2013-2017)
  • Worden Capital Management (2017-Present)

The Allegations

  • In May 2018, a customer alleged churning, unauthorized trading, and unsuitable trading. This case is currently pending. The customer is seeking $157,588 in damages.
  • In November 2018, a customer alleged that Steven M. Woods executed unauthorized trades, misrepresented material details regarding their account, and overall handled their account unsuitably. This case is currently pending. The customer is seeking $41,607 in damages.

What Does This Mean?

One of the most noteworthy allegations levied against Steven M. Woods was that of churning. Churning is a deceptive trading practice that many securities brokers partake in despite its fraudulent nature. The process centers around a securities broker trading an investor’s account excessively with the express purpose of generating additional and larger commissions for themself. Investors who believe that they have lost money due to their securities broker churning their account may be entitled to damages.

Oakes & Fosher Can Help

Oakes & Fosher dedicates its entire legal practice to helping investors across the nation. If you, or someone you know, have lost money investing with Steven M. Woods, please contact Oakes & Fosher for a free and private consultation.