Securities Lawyers Blog
According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Earl Davis (Davis), currently associated with Woodmen Financial Services, INC., has at least one disclosable event. These events include one customer complaint, alleging that Davis recommended unsuitable investments in different investment products including debt securities among other allegations and complaints.
FINRA BrokerCheck shows a settled customer complaint with a damage request of $7,077.23 on March 26, 2020.
On or about March 26, 2020, Woodmen Financial Services, Inc. (‘WFS’) customer [REDACTED] submitted a written complaint alleging that his registered representative, Earl Davis, failed to execute his request that his funds remain in the money market account of his newly purchased WoodmenLife variable annuity. [REDACTED] funds were initially invested in the money market account on February 25, 2020 until allocated to the subaccounts of his variable annuity. On March 11, 2020, [REDACTED] funds were allocated to the subaccounts. Thereafter, WFS received the complaint after the close of the market on March 26, 2020. WFS then transferred [REDACTED] funds to the money market account on March 27, 2020. [REDACTED] alleges that he instructed Earl Davis to keep his funds in the money market account. Mr. Davis agrees with [REDACTED] and stated that he failed to follow the instructions of [REDACTED]. As a result of the allocation and the market’s performance, [REDACTED] lost $7,077.23 of his initial investment. At this time, the issuer of the product, Woodmen of the World Life Insurance Society (‘WoodmenLife’) is currently reviewing and responding to the complaint.