Santa Ana, California financial advisor Blake Rose (CRD# 1836176) is involved in an investor complaint alleging his advice resulted in...Read More
David Wood: Moloney Securities Denies $600K Complaint
Manchester, Missouri financial advisor David Wood (CRD# 2306563) is involved in multiple investor complaints alleging cumulative damages of more than $800,000. Financial Industry Regulatory Authority records show that he is a broker with Moloney Securities, having previously been registered with Hancock Securities.
Mr. Wood’s BrokerCheck report discloses two investor complaints. The most recent, filed in October 2022, alleged that as a representative of Moloney Securities, he acted negligently and recommended an unsuitable direct investment between 2013 and 2015. The pending complaint alleges damages of $218,750.
A second investor complaint, filed in January 2022, similarly alleges that he made unsuitable investment recommendations between 1990 and 2017. The pending complaint alleges damages of $600,000.
In identical statements included with both of the above-described disclosures, Mr. Wood defended himself against the complaints, writing: “I refute the allegations of the claim.”
Investors should be aware that under FINRA Rule 2111, brokers like Mr. Wood must conduct “reasonable diligence” to ensure that the investors they recommend are suitable for a client’s background and objectives. A risky and illiquid non-traded real estate investment trust, for example, would likely be considered unsuitable for a conservative investor seeking liquidity and principal preservation. Brokers who recommend unsuitable investments may be held liable for damages in the event of losses.
According to the Financial Industry Regulatory Authority, David Wood holds 29 years of securities industry experience. Based in Manchester, Missouri, he has been a broker with Moloney Securities since 2010. His past registrations include Hancock Securities Group (Mount Vernon, Illinois; 2000-2010) and DR Hancock & Company (Carbondale, Illinois; 1993-2000). He is licensed in Arizona, Florida, Illinois, Kansas, Ohio, and Washington. (Information current as of December 15, 2022.)
Carlson Law represents investors throughout the United States in claims against financial advisors and investment firms. If you or a loved one have suffered investment losses, please call us at 888-976-6111 or complete our contact form for a free and confidential consultation.