Jerry Davis Raines of Kilgore Texas a stockbroker formerly registered with HD Vest Investment Services is the subject of a customer initiated investment related civil action where the customer sought $500,000.00 in damages supported by allegations that transactions were placed in the customer’s account that were not suitable for the customer and misrepresentations had been made by Raines concerning investments in Woodbridge direct investment products. Civil Action No. 18-0180 (Mar. 26, 2018).
Financial Industry Regulatory Authority (FINRA) Public Disclosure reveals that Raines has been identified in ten additional customer initiated investment related disputes that pertain to accusations of Raines’ misconduct during the time that he was registered with HD Vest Investment Services and Signal Securities, Inc. Particularly, a customer filed an investment related civil action involving Raines’ conduct in which the customer requested damages estimated to exceed $5,000.00 based upon allegations of Raines conspiring to commit fraud relating to Woodbridge investments. Civil Action No. 9:18-cv-80019-DMM (Feb. 5, 2018).
Thereafter, a customer filed an investment related arbitration claim involving Raines’ activities where the customer sought $450,000.00 in damages based upon accusations that Raines made misrepresentations to the customer concerning the Woodbridge Mortgage Investment and failed to undertake adequate due diligence regarding those unregistered securities. FINRA Arbitration No. 18-00347 (Feb. 13, 2018). Another customer filed an investment related arbitration claim regarding Raines’ conduct in which the customer requested $50,000.00 in damages supported by allegations that misrepresentations had been made to the customer concerning Woodbridge Mortgage Investment Fund 2, LLC, and investment recommendations made to the customer were not suitable. FINRA Arbitration No. 18-00359 (Feb. 15, 2018).
Thereafter, two more customers filed investment related arbitration claims involving Raines’ activities where the customers sought a total of $1,505,000.00 in damages founded on accusations of misrepresentation and failure to conduct due diligence on customers’ Woodbridge Mortgage Investment Fund. FINRA Arbitration Nos. 18-00309; 18-00254 (Feb. 21, 2018). Subsequently, a customer filed an investment related arbitration claim concerning Raines’ conduct in which the customer requested $150,000.00 in damages based upon allegations of poor investment recommendations and misrepresentation relating to promissory note transactions. FINRA Arbitration No. 18-00936 (Mar. 20, 2018).
Further, a customer filed an investment related arbitration claim pertaining to Raines’ activities where the customer sought $234,780.00 in damages supported by accusations of the failure to conduct due diligence on direct investment products sold to the customer. FINRA Arbitration No. 18-00455 (Mar. 27, 2018).
Raines’ employment with HD Vest Investment Services was terminated on May 22, 2017.
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