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Donald Stephen Woods formerly with Thurston Springer Financial Has 4 Customer Complaints For Alleged Broker Misconduct In the Past 2 Years

Who is Donald S. Woods formerly with Thurston Springer Financial?

Donald Woods (CRD #727894) who was formerly registered with Thurston Springer Financial and located in Louisville, Kentucky is a subject of one of our many securities industry sales practice abuse investigations.  Prior to Thurston Springer Financial, Donald Woods was associated with LPL Financial, LLC and 6 other investment advisory and brokerage firms with a history of customer complaints and securities industry regulatory problems.

Thurston Springer Financial Broker Misconduct

In his career, Donald Woods has been the subject of 11 customer complaints that we know about, 5 of those complaints were filed in the last year to recover investment losses. Nine of Donald Woods’ 11 customer complaints were settled in favor of investors.

One customer complaint was denied by his employer and to date, the customer is not taking any further action.  There are currently 2 pending customer complaints filed against Donald Woods’ former employer Thurston Springer Financial for investment losses caused by his alleged misconduct.

Donald Woods was suspended by FINRA for allegedly submitting applications to purchase REITs that overstated the customer’s liquid net worth in order to circumvent his member firm’s restrictions; the FINRA findings also state that Donald Woods did not have a reasonable basis for recommending that the customers purchased the REITs which were inconsistent with the customer’s investment profile’s.

Allegations Against Donald Woods

A sample of the allegations made in the FINRA reported arbitration claim settlements and pending complaints for investment losses are as follows:

  • Claimants allege they wanted to purchase low-risk investments, but were encouraged to invest in risky business development companies and REITs through ongoing misrepresentations, which cause them monetary losses.  They further allege losses in connection with a variable annuity transaction.  Finally, they alleged that LPL Financial failed to adequately supervise Donald Woods.
  • Customers allege misrepresentation and unsuitable investments in connection with 2 alternative investments, a REIT, and a Business Development Company.
  • The customer alleges excessive selling of variable annuities, misrepresenting or failing to disclose material facts, unsuitability of products, and alteration of account profiles.
  • The customer alleges misrepresentation of financial information, unsuitable investments, unwarranted fees, and failure to invest in a timely manner.
  • Customers allege misrepresentation, unsuitable investments, failure to invest in a timely manner, and losses and accounts.  Customers also allege some documents were altered and specifically alleged they do not recognize certain signatures or initials and other signatures appear to be photocopied.
  • The customer alleges misrepresentation of a structured product.

Donald Woods Red Flags & Your Rights As An Investor

Of course, Donald Woods did not admit to any of the allegations. But regardless of whether an arbitration award was entered, a settlement occurred, or the customer complaint is still pending, the allegations made by customers are red flags that should put all current and former customers of Donald Woods at Thurston Springer Financial on alert to review carefully the activity and performance of their accounts and question whether Donald Woods has engaged in any stockbroker misconduct that may have caused them investment losses.

The large number of customer complaints at Thurston Springer Financial also raises questions about supervisory practices. If these red flags raise questions, call us and we will inform you of your rights as an investor.

File A Claim To Recover Your Investment Losses At Thurston Springer Financial

If you have questions about Thurston Springer Financial, LPL Financial LLC and/or Donald Woodsand the management or performance of your accounts please contact Attorney Pearce for a free initial consultation via email or Toll Free at 1-800-732-2889.

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Robert Wayne Pearce

Robert Wayne Pearce of The Law Offices of Robert Wayne Pearce, P.A. has been a trial attorney for more than 40 years and has helped recover over $170 million dollars for his clients. During that time, he developed a well-respected and highly accomplished legal career representing investors and brokers in disputes with one another and the government and industry regulators. To speak with Attorney Pearce, call (800) 732-2889 or Contact Us online for a FREE INITIAL CONSULTATION with Attorney Pearce about your case.

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