Former HD Vest Broker Donna Barnard Facing Multiple Complaints for Selling Customers Woodbridge Ponzi Scheme
Former HD Vest broker Donna Barnard is facing multiple complaints involving Woodbridge Investment Funds. Allegations from impacted customers include the misrepresentation of material facts, failure to conduct reasonable due diligence, unsuitable recommendations, and selling unregistered securities.
Donna Barnard is not currently registered with any firm or state. She began her career in the securities industry in 2004 and previously worked for Signal Securities and Woodmen Financial Services before joining HD Vest Investment Services in 2014. She remained employed with HD Vest until 2017.
With eleven pending disputes involving the Woodbridge Mortgage Investment Funds on her FINRA report, total damages requested measure in the millions. In all of the disputes, Barnard is accused of misrepresenting material facts and recommending unsuitable investments involving Woodbridge Investment Funds.
According to the SEC, Woodbridge Group of Companies, an unregistered group of companies formerly based out of Boca Raton, Florida, successfully defrauded more than 8,400 investors, bilking them out of approximately $1.2 billion in a massive Ponzi scheme. The SEC's complaint against Woodbridge asserts that its business model was to borrow money from investors in exchange for promissory notes that were allegedly backed by Mortgages. The notes would mature in 12 to 18 months, and had interest rates of between five and eight percent that was to be paid out monthly. The constant infusion of new investor money was used to pay current investors' interest and dividend payments. When the money ran out, Woodbridge declared bankruptcy.
Did You Lose Money While Investing with Donna Barnard?
If you or someone you know is worried you may have lost money while working with former Kilgore, TX broker Donna Barnard, Meyer Wilson would like to hear from you. Give our office a call at (888) 390-6491 for a free case evaluation. You may be able to recoup some or all of your losses.