Donald Woods, a former representative who had been affiliated with LPL in Kentucky, has been fined $10,000 and suspended for six months by Finra for inflating the net worth of customers on firm documents.
The Financial Industry Regulatory Authority Inc. said that Woods inflated the wealth of a retired couple and a single elderly customer to circumvent LPL restrictions so that he could sell the clients real estate investment trusts. Finra said Woods earned $5,600 from the sales, which he will have to disgorge, according to Finra’s letter of acceptance, waiver and consent.
Woods, who began his career in 1981, was affiliated with LPL from January 2010 to January 2017, when LPL terminated his registration due to a business dispute. He was with Thurston Springer Financial until 2018 and is no longer employed in the securities industry.
"Im glad to see that from a regulatory perspective, we're going to get the ability to show we're responsible [...] we'll have a little bit more freedom to innovate," Farther co-founder Brad Genser told InvestmentNews.
Former advisor Isaiah Williams allegedly used the stolen funds from ex-Dolphins defensive safety Reshad Jones for numerous personal expenses, according to police and court records.
Taking a systematic approach to three key practice areas can help advisors gain confidence, get back time, and increase their opportunities.
Meanwhile, Osaic lures a high-net-worth advisor from Commonwealth in the Pacific Northwest.
The deals, which include its first stake in Ohio, push the national women-led firm up to $47 billion in assets.
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Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today's choppy market waters, says Myles Lambert, Brighthouse Financial.
