Donna Lynn Barnard of Kilgore Texas a stockbroker formerly registered with HD Vest Investment Services has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that she obstructed a FINRA investigation into accusations of her sales practice violations relating to her Woodbridge promissory notes sales. Letter of Acceptance Waiver and Consent No. 2018057494201 (Sept. 7, 2018).
According to the AWC, FINRA launched an investigation into Barnard’s sales practices seeking information about Barnard’s involvement in the sale of Woodbridge Group of Companies LLC notes. Apparently, FINRA requested for Barnard to provide information and documentation to the regulator concerning those notes sales by July 20, 2018.
The AWC stated that Barnard was provided an extension of time to cooperate, and was expected to provide the information and documentation by August 2, 2018. Yet, Barnard declined to cooperate. Barnard’s counsel reportedly informed FINRA that Barnard would not be participating in the investigation. FINRA concluded that Barnard’s failure to provide the requested information and documentation was violative FINRA Rules 2010 and 8210.
FINRA Public Disclosure reveals that Barnard is referenced in fourteen customer initiated investment related disputes pertaining to allegations of her misconduct while employed with Signal Securities, Inc. and HD Vest Investment Services. For example, a customer filed an investment related arbitration claim regarding Barnard’s activities where the customer requested $234,780.90 in damages based upon accusations that Barnard failed to conduct adequate due diligence on Woodbridge Mortgage Investment Fund, and made misrepresentations concerning the unregistered security. FINRA Arbitration No. 18-00455 (Mar. 27, 2018).
Subsequently, a customer filed an investment related civil action involving Barnard’s conduct in which the customer sought damages estimated to exceed $5,000.00 founded on allegations that the Woodbridge Companies investments were unsuitable for the customer and had been misrepresented by Barnard. Civil Action No. 18-0221 (Apr. 3, 2018). Thereafter, a customer filed an investment related arbitration claim involving Barnard’s activities where the customer requested $244,000.00 in damages supported by accusations that Barnard sold the customer investments in Woodbridge, a now bankrupt entity, even though they were not authorized by Signal Securities, Inc. FINRA Arbitration No. 18-00282 (Apr. 18, 2018).
HD Vest Investment Services terminated Barnard’s registration on May 22, 2017.
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