Lawsuit Involving HD Vest Financial Advisors Jerry D. Raines and Donna L. Barnard

The White Law Group continues to investigate potential claims involving broker dealers who may have improperly recommended Woodbridge Securities to investors.

As we told you in January, The Securities and Exchange Commission is charging Woodbridge Group of Companies LLC, a group of unregistered companies and its owner, for allegedly bilking thousands of retail investors in a $1.2 billion Ponzi scheme

The SEC’s complaint states that Robert H. Shapiro and the Woodbridge Group of Companies LLC formerly headquartered in Boca Raton, Florida, defrauded more than 8,400 investors, in unregistered Woodbridge funds.

There have been several claims reportedly filed since the company filed bankruptcy in December 2017.  Last week, a lawsuit was reportedly filed in Texas on behalf of two Texas residents who sustained substantial financial losses involving the sale of Woodbridge securities.

The lawsuit alleges H.D. Vest Investment Securities and financial advisors Jerry D. Raines and Donna L. Barnard portrayed Woodbridge Securities as low risk, conservative investments.

According to his BrokerCheck report, Jerry Raines was registered with HD Vest in Kilgore, Texas from August 2014 until May 2017. He has two customer disputes listed on his broker report. Both allegations involve Woodbridge investments.

Donna Barnard was also registered with HD Vest in Kilgore, Texas from August 2014 until May 2017, according to FINRA. She has one customer complaint listed on her broker report involving Woodbridge Mortgage Investment Funds.

Recovery of Investment Losses

If a broker or brokerage firm makes an unsuitable investment recommendation or fails to adequately disclose the risks associated with an investment they may be liable for investment losses.

This information is all publicly available and brought to you by The White Law Group. To determine whether you may be able to recover investment losses incurred as a result of your purchase of a Woodbridge Group private placement investment, please contact The White Law Group at 1-888-637-5510 for a free consultation.

The White Law Group, LLC is a national securities fraud, securities arbitration, investor protection, and securities regulation/compliance law firm with offices in Chicago, Illinois and Franklin, Tennessee. For more information on the firm, visit www.WhiteSecuritiesLaw.com.