Advisor Alert: Our Attorneys Are Investigating Donald Stephen Woods For Investment Fraud
Did You Lose Money Because of Don Woods?
Filed: November 2, 2023
Don Woods has been the subject of one (1) regulatory event, and twelve (12) customer complaints. As an investor, you may be entitled to compensation for losses accrued due to mismanagement of your investments.
Let’s begin our Patil Law Advisor Alert with a summary report on Donald Stephen Woods.
Who Is Donald Stephen Woods?
- Advisor Name: Donald Stephen Woods
- Aliases: Don Stephan Woods, Don Stephen Woods, Donald S Woods
- CRD: 727894
- Location: Louisville, Kentucky
- Current Employer: Currently Not Registered
- Previous Firms: Thurston Springer Financial, LPL Financial LLC, and Wells Fargo Advisors, LLC
- Number of Known Customer Complaints:12
- Number of Known Regulatory Events: 1
- Can Donald Woods Be Sued: Yes, in Private Arbitration
- Can Donald Woods’s Employers Be Sued For Failing to Supervise Actions: Yes, in Private Arbitration
- Highest Damages Allegation: $350,000
- Highest Settlement: $170,000
If you have suffered investment losses by Donald Woods, we strongly encourage you to exercise your rights to experienced legal representation. Recover what is owed to you by retaining a stockbroker fraud lawyer. Reach out to the legal team at Patil Law, P.C. via the secure online form or call the firm directly toll-free at 1-800-950-6553.
Customer Complaints Filed Against Don Woods For Broker Misconduct
As of this publication date, Don Woods has been the subject of 1 regulatory event and 12 customer disputes. Let’s review them below.
In April 2021, a complaint was filed against or in reference to Don Woods by a customer of LPL Financial LLC alleging misrepresentation and unsuitable recommendations in connection with alternative investment purchases. Per the customer, he/she lost over $69,000 because of Mr. Woods’s actions. On November 22, 2021, Mr. Woods settled the claim for $15,000, and some or all of this amount may have been paid by Mr. Woods’s employer and/or insurance carrier.
In May 2020, FINRA initiated a regulatory action against or in reference to Don Woods. Without admitting or denying the findings, Woods consented to the sanctions and to the entry of findings that he submitted applications to purchase real estate investment trusts (REITs) that overstated the customers’ liquid net worth in order to circumvent his member firm’s restrictions. The findings stated that Woods did not have a reasonable basis for recommending that the customers purchase the REITs, which were inconsistent with the customers’ investment profiles. Woods received $5,600.70 in commissions in connection with these recommendations.
In October 2019, a FINRA arbitration was filed against or in reference to Don Woods by multiple customers of LPL Financial LLC alleging that the clients desired to purchase low-risk investments, but were encouraged to invest in risky business development companies and REITs through ongoing misrepresentations, which caused them monetary losses. The customers further allege losses in connection with a Variable Annuity. They also allege that LPL failed to adequately supervise claimants’ representatives. Per the customers, they lost over $140,000 because of Mr. Woods’s actions. On January 5, 2021, Mr. Woods settled the claim for $170,000, and some or all of this amount may have been paid by Mr. Woods’s employer and/or insurance carrier.
In June 2019, a complaint was filed against or in reference to Don Woods by multiple customers of LPL Financial LLC alleging that Mr. Woods failed to disclose risks and fees associated with annuity purchases, and misrepresentation and unsuitable recommendation with respect to Alternative Investments. On May 13, 2020, Mr. Woods settled the claim for $20,000, and some or all of this amount may have been paid by Mr. Woods’s employer and/or insurance carrier.
In March 2019, a complaint was filed against or in reference to Don Woods by multiple customers of LPL Financial LLC alleging misrepresentation and unsuitable recommendations in connection with alternative investment purchases. On May 13, 2020, Mr. Woods settled the claim for $5,000, and some or all of this amount may have been paid by Mr. Woods’s employer and/or insurance carrier.
In February 2019, a complaint was filed against or in reference to Don Woods by multiple customers of LPL Financial LLC alleging misrepresentation and unsuitability in connection with alternative investments. Per the customers, they lost over $350,000 because of Mr. Woods’s actions.
In January 2019, a complaint was filed against or in reference to Don Woods by a customer of LPL Financial LLC alleging misrepresentation and unsuitable investment in connection with an alternative investment. On February 28, 2019, Mr. Woods settled the claim for $10,000, and some or all of this amount may have been paid by Mr. Woods’s employer and/or insurance carrier.
In December 2018, a complaint was filed against or in reference to Don Woods by multiple customers of LPL Financial LLC alleging misrepresentation and unsuitable investment in connection with two alternative investments. Per the customers, they lost over $120,000 because of Mr. Woods’s actions. On July 26, 2019, Mr. Woods settled the claim for $25,374.83, and some or all of this amount may have been paid by Mr. Woods’s employer and/or insurance carrier.
In August 2018, a complaint was filed against or in reference to Don Woods by a customer of LPL Financial LLC alleging excessive selling of variable annuities, misrepresenting or failing to disclose material facts, unsuitability of products, and alteration of account profiles. Per the customer, he/she lost over $153,554 because of Mr. Woods’s actions. On April 9, 2019, Mr. Woods settled the claim for $61,852.07, and some or all of this amount may have been paid by Mr. Woods’s employer and/or insurance carrier.
In March 2018, a complaint was filed against or in reference to Don Woods by a customer of LPL Financial LLC alleging misrepresentation of financial information, unsuitable investments, unwarranted fees, and failure to invest in a timely manner. Per the customer, he/she lost over $26,889.67 because of Mr. Woods’s actions. On October 29, 2019, Mr. Woods settled the claim for $17,500, and some or all of this amount may have been paid by Mr. Woods’s employer and/or insurance carrier.
In March 2018, a complaint was filed against or in reference to Don Woods by multiple customers of LPL Financial LLC alleging misrepresentation, unsuitable investments, failure to invest in a timely manner, and losses in accounts. Customers also allege some documents were altered and specifically allege they do not recognize certain signatures or initials and other signatures appear to be copies. On July 16, 2019, Mr. Woods settled the claim for $96,480, and some or all of this amount may have been paid by Mr. Woods’s employer and/or insurance carrier.
In February 2017, a complaint was filed against or in reference to Don Woods by a customer of LPL Financial LLC alleging misrepresentation of structured product. Per the customer, he/she lost over $10,574 because of Mr. Woods’s actions. On March 1, 2017, Mr. Woods settled the claim for $10,722, and some or all of this amount may have been paid by Mr. Woods’s employer and/or insurance carrier.
In November 2016, a complaint was filed against or in reference to Don Woods by a customer of LPL Financial LLC alleging mismanagement of accounts and unsuitable investments.
How To File A Claim Against Don Woods (previously with Thurston Springer Financial, LPL Financial LLC, and Wells Fargo Advisors, LLC) To Get Your Money Back.
If you have questions about Don Woods, Thurston Springer Financial, LPL Financial LLC, Wells Fargo Advisors, LLC, or the management or performance of your accounts, please contact Attorney Patil for a free initial consultation via email or toll free at 1-800-950-6553.