Securities Lawyers Blog
According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker John Woods (Woods), previously associated with Oppenheimer & Co. Inc., has at least 15 disclosable events. These events include 14 customer complaints, one tax lien, alleging that Woods recommended unsuitable investments in different investment products including debt securities among other allegations and complaints.
FINRA BrokerCheck shows a pending customer complaint on October 07, 2024.
Violation of FINRA rules; Violations of Georgia & NC Blue Sky Laws and RICO; Breach of Fiduciary Duty; Breach of the Duty of Good Faith & Fair Dealing; Breach of Contract; Respondeat Superior/Agency by Estoppel Liability; \, Ponzi Scheme. From 2013 to 2016.
FINRA BrokerCheck shows a settled customer complaint with a damage request of $101,463.60 on July 15, 2024.
Alleged that John Woods placed Claimants accounts in a speculative, unregistered, and fraudulent private investment. 2014-2015
FINRA BrokerCheck shows a settled customer complaint with a damage request of $319,000.00 on March 29, 2024.
Alleged that John Woods placed Claimants accounts in a speculative, unregistered, and fraudulent private investment. From 2015 – 2019.
FINRA BrokerCheck shows a settled customer complaint on February 23, 2024.
Claimant alleges that the investment was misrepresented. 2007-2015
FINRA BrokerCheck shows a settled customer complaint with a damage request of $1,500,000.00 on January 09, 2024.
Claimant alleges John Woods, James Woods, Michael Mooney and Iris Israel conducted a Ponzi Scheme. From 2008-2021
FINRA BrokerCheck shows a settled customer complaint with a damage request of $500,000.00 on August 08, 2023.
Claimant alleges John Woods, James Woods, Michael Mooney and Iris Israel conducted a Ponzi Scheme. From 2008-2021.
FINRA BrokerCheck shows a settled customer complaint with a damage request of $500,000.00 on August 07, 2023.
Claimant alleges John Woods, James Woods, Michael Mooney and Iris Israel conducted a Ponzi Scheme. From 2008-2021.
FINRA BrokerCheck shows a final customer complaint on August 01, 2023.
The Securities and Exchange Commission deems it appropriate and in the public interest that public administrative proceedings be, and hereby are, instituted against John J. Woods. In anticipation of the institution of these proceedings, Respondent has submitted an Offer of Settlement (the ‘Offer’) which the Commission has determined to accept. The commission finds that Woods directly or indirectly owned a majority interest in, and had the right to control of the operations of, Livingston Group Asset Management Company d/b/a Southport Capital (‘Southport Capital’). Woods also served as the President of Southport Capital, which was an investment adviser registered with the Commission, from in or about February 2017 through in or about August 2021. Woods has also been a registered representative associated with a broker-dealer registered with the Commission. Woods, 58 years old, is a resident of Marietta, Georgia. On March 8, 2023, a judgment was entered by consent against Woods, permanently enjoining him from future violations of Section 17(a) of the Securities Act of 1933, Section 10(b) of the Exchange Act and Rule 10b-5 thereunder, and Sections 206(1) and 206(2) of the Advisers Act, in Civil Action Number 1:21-CV-03413, in the United States District Court for the Northern District of Georgia. The Commission’s complaint alleged that Woods, in connection with the sale of interest in Horizon Private Equity, III, LLC, made false statements to investors, misused and misappropriated investor funds, and otherwise engaged in conduct which operated as a fraud and deceit on investors.
FINRA BrokerCheck shows a settled customer complaint with a damage request of $1,000,000.00 on July 24, 2023.
Claimants allege John Woods, James Woods and Michael Mooney conducted a Ponzi Scheme. From 2008 – 2021
FINRA BrokerCheck shows a settled customer complaint with a damage request of $237,200.00 on June 09, 2023.
Claimant alleges John Woods conducted a Ponzi Scheme. From 2015-2021.
FINRA BrokerCheck shows a settled customer complaint with a damage request of $2,000,000.00 on June 05, 2023.
Claimant alleges John Woods, James Woods, Michael Mooney and Iris Israel conducted a Ponzi Scheme. From 2012-2021.
FINRA BrokerCheck shows a settled customer complaint with a damage request of $688,000.00 on May 03, 2023.
Claimant alleges John Woods and Michael Mooney conducted a Ponzi Scheme. 2008-2016
FINRA BrokerCheck shows a settled customer complaint with a damage request of $1,550,000.00 on May 01, 2023.
Claimant alleges John Woods, James Woods and Michael Mooney conducted a Ponzi Scheme. 2008-2016
FINRA BrokerCheck shows a settled customer complaint on April 24, 2023.
Claimant alleges John Woods, James Woods, Michael Mooney and Iris Israel conducted a Ponzi Scheme. From 2008-2016
FINRA BrokerCheck shows a settled customer complaint on March 28, 2023.
Claimant alleges John Woods, James Woods, Michael Mooney and Iris Israel conducted a Ponzi Scheme. From 2008 to 2016.
Brokers are required to adhere to the SEC’s Regulation Best Interest (Reg BI) standard of care under the Securities Exchange Act of 1934 which establishes a ‘best interest’ standard for broker-dealers and associated persons. Reg BI applies when brokers recommend a retail investor engage in securities transaction or an investment strategy involving one or more securities. Reg BI also applies to financial advice concerning the transfer of funds and opening of accounts. Reg BI is drawn from fiduciary principles that include an obligation to act in the retail investor’s best interest and the broker is prohibited from placing their own interests ahead of the investor’s interest.
There are several different aspects of the rule that brokers must comply with. One of which is the care obligations which requires brokers to form a reasonable belief that their investment advice and recommendations are in the retail investor’s best interest. The care obligations includes three components. First, the advisor must have an understanding of the potential risks, rewards, and costs associated with a product, investment strategy, account type, or series of transactions. Next, the advisor must have a reasonable understanding of the specific retail investor’s investment profile. The customer’s profile information generally includes an investor’s financial situation and needs; investments; assets and debts; marital status; tax status; age; investment time horizon; liquidity needs; risk tolerance; investment experience; investment objectives and financial goals; and any other information the retail investor may disclose in connection with the recommendation or advice. Finally, the advisor must use their knowledge of the first two elements to consider reasonably available investment option alternatives and come to the conclusion that there is a reasonable basis to believe that the recommendation or advice being provided is in the retail investor’s best interest.
Finally, an advisor must also analyze the specific account features offered and determine whether their client can benefit from them in order to meet their care obligations. While securities and investments come with costs that must be considered, the type of securities account also has changes the cost equation for the investor and can change the retail customers’ future investment returns. The associated person must consider the different types of securities accounts for their client and determine whether or not the cost or features are reasonably needed for the client or if the customer’s current account costs and features are superior to solutions available to the advisor. In any event, the type of account and services recommended must be in the investor’s best interest.
Woods has been in the securities industry for more than 27 years. Woods has been registered as a Broker with Oppenheimer & Co. Inc. since 2003.
Investors who have suffered losses are encouraged to contact us at (800) 810-4262 for consultation. At Gana Weinstein LLP, our attorneys are experienced representing investors who have suffered securities losses due to the mishandling of their accounts. Claims may be brought in securities arbitration before FINRA. Our consultations are free of charge and the firm is only compensated if you recover.
