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.
Carson is expanding one of its relationships in Florida while Lido Advisors adds an $870 million practice in Silicon Valley.
The approval of the pay proposal, which handsomely compensates its CEO and president, bolsters claims that big payouts are a must in the war to retain leadership.
Integrated Partners is adding a husband-wife tandem to its network in Missouri as Kestra onboards a father-son advisor duo from UBS.
Futures indicate stocks will build on Tuesday's rally.
Cost of living still tops concerns about negative impacts on personal finances
RIAs face rising regulatory pressure in 2025. Forward-looking firms are responding with embedded technology, not more paperwork.
As inheritances are set to reshape client portfolios and next-gen heirs demand digital-first experiences, firms are retooling their wealth tech stacks and succession models in real time.
