Former Thurston Springer Financial (Thurston Springer) advisor Donald Woods (Woods) has been subject to at least five customer complaints and one bankruptcy. According to a BrokerCheck report many of the customer complaints concern variable annuities or alternative investments and direct participation products (DPPs) such as non-traded real estate investment trusts (REITs), oil & gas programs, annuities, and equipment leasing programs. The attorneys at Gana Weinstein LLP have extensive experience handling investor losses caused by these types of products.
In August 2018 Woods filed for bankruptcy. A broker’s inability to manage their own finances is material information to investors in considering whether or not to use that person for financial advice. In addition, financial distress may cause an advisor to have a conflict of interest and recommend investments for their own profit rather than their client’s best interests.
The most recent complaint was filed in August 2018 excessive selling of variable annuities, misrepresentations, and failing to disclose material facts. The complaint alleges $153,554 in damages and is currently pending.