Articles Tagged with Woodbury Financial

shutterstock_145368937-300x225According to BrokerCheck records financial advisor John Maloney (Maloney), formerly employed by Edward Jones has been subject to five customer complaints and one termination for cause.  According to records kept by The Financial Industry Regulatory Authority (FINRA), in May 2016 Edward Jones terminated Maloney stating that he did not adhere to the firm’s policy regarding suitability of recommendations.  Most of a Maloney’s customer complaints allege that Maloney made unsuitable recommendations in equity securities.

In November 2017 a customer made allegations of misrepresentation, suitability, breach of fiduciary duty, and churning of her accounts.  The claim is currently pending.

In September 2017 a customer alleged an unsuitable investment recommendation in Fire Eye stock causing losses of $329,523.  The claim is currently pending.

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shutterstock_112866430-300x199The securities fraud lawyers of Gana Weinstein LLP are investigating customer complaints filed with The Financial Industry Regulatory Authority’s (FINRA) against current Questar Capital Corporation (Questar) broker Stephen Swarbrick (Swarbrick). According to BrokerCheck records, Swarbrick has spent 23 years in the securities industry and is currently located in Roseville, California operating under the d/b/a Weston and Tuttle Wealth Advisors, LLC.  Over his career, Swarbrick has been the subject of at least three customer complaints.

The most recent complaint was filed in January 2017 alleging that a complaint was filed with the California Department of Business Oversight alleging unsuitable sales for $400,000 in equipment leasing and oil and gas partnerships from December 2009 through June 2014.  The customer alleged $400,000 in damages.  The claim is currently pending.  Many of Swarbrick’s other customer complaints similarly allege damages resulting from the sale of alternative investment products such as equipment leasing and oil and gas private placements.

Our firm often handles cases involving direct participation products (DPPs) and private placements including oil and gas partnerships, non-traded real estate investment trusts (REITs), and other alternative investments.

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shutterstock_145368937The investment fraud lawyers of Gana Weinstein LLP are investigating the employment termination filed with The Financial Industry Regulatory Authority (FINRA) by Woodbury Financial Services, Inc. (Woodbury Financial) involving broker David Ross (Ross). According to BrokerCheck records Ross is subject to one customer complaint, one employment separation for cause, and six judgment or liens.

According to Woodbury Financial, the firm terminated Ross after alleging Ross failed to disclose an outside business activity (OBA) and accepted loans form a client in addition to violating other firm policies and procedures.  Often times such filings indicate that the broker is engaging potentially in private securities transactions, promissory notes, or loans away from the firm.  The providing of loans or selling of notes and other investments outside of a brokerage firm constitutes impermissible private securities transactions – a practice known in the industry as “selling away”.

At this time it unclear the scope of Ross’ OBAs and/or private securities transactions.  According to brokercheck records Ross has disclosed OBAs listed as including Ross Financial Planning, Inc., Belmont University, and First Shot Foundation.  Often times, brokers sell promissory notes and other investments through side businesses as accountants, lawyers, real estate brokers, or insurance agents to clients of those side practices.

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