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.
The move to charge data aggregators fees totaling hundreds of millions of dollars threatens to upend business models across the industry.
The latest snapshot report reveals large firms overwhelmingly account for branches and registrants as trend of net exits from FINRA continues.
Siding with the primary contact in a marriage might make sense at first, but having both parties' interests at heart could open a better way forward.
With more than $13 billion in assets, American Portfolios Advisors closed last October.
Robert D. Kendall brings decades of experience, including roles at DWS Americas and a former investment unit within Morgan Stanley, as he steps into a global leadership position.
Orion's Tom Wilson on delivering coordinated, high-touch service in a world where returns alone no longer set you apart.
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.
