Woodley Hannon Bagwell of Montgomery Alabama a stockbroker formerly registered with Raymond James Associates Inc. has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity supported by accusations that he failed to honor FINRA’s requests for Bagwell’s information. Letter No. 20160520299901 (September 18, 2017).
FINRA Public Disclosure confirms that after Bagwell failed to cooperate with FINRA’s requests, Bagwell was provided a Notice of Suspension on June 14, 2017; he was suspended in all capacities by FINRA on July 10, 2017. FINRA warned Bagwell in its correspondence to him that Bagwell was facing more serious sanctions, including a bar from the securities industry, if Bagwell either did not provide FINRA what had been requested of him or otherwise seek that his suspension be lifted. Bagwell was expected to correspond with FINRA by September 17, 2017, but he failed to do so. Consequently, FINRA barred Bagwell on September 18, 2017.
This is not the first time that Bagwell has been sanctioned by a securities regulator. For example, he was fined $30,000.00 and suspended for six months by National Association of Securities Dealers (NASD) based upon Bagwell’s consent to findings that while he was associated with Morgan Keegan & Company, Inc., Bagwell failed to supervise a registered representative who ended up trading in customer accounts on an unauthorized basis and made unsuitable investment recommendations to a customer. NASD found Bagwell’s conduct violative of NASD Rules 3010 and 2110. Letter of Acceptance Waiver and Consent No. C05050029 (May 26, 2005).
FINRA Public Disclosure reveals that Bagwell is referenced in eleven customer initiated investment related disputes pertaining to allegations of Bagwell’s misconduct during the time that he was associated with Morgan Keegan & Company, Inc. Specifically, a customer initiated investment related arbitration claim involving Bagwell’s activities was settled to resolve accusations of misrepresentation and unsuitability in regard to mutual funds purchased in the customer’s account. FINRA Arbitration No. 09-03215 (Feb. 22, 2011).
Then, a customer initiated investment related arbitration claim regarding Bagwell’s conduct was settled for $20,000.00 in damages founded on allegations that misrepresentations had been made to the customer and mutual fund transactions were placed in the customer’s account that were not reasonable for the customer’s objectives for investing. FINRA Arbitration No. 09-04876 (Feb. 8, 2011). Subsequently, Bagwell was subject of a customer initiated investment related arbitration claim in which the customer was awarded $17,116.00 in damages based upon the arbitrator finding that there were unsuitable mutual fund transactions which had been effected in the customer’s account. FINRA Arbitration No. 11-01740 (Dec. 1, 2011).
Furthermore, a customer initiated investment related arbitration claim concerning Bagwell’s conduct resulted in an award of $279,500.31 for the customer after it was determined by the arbitrator that it was inappropriate for the customer to have been placed in certain mutual fund investments. FINRA Arbitration No. 11-01226 (July 30, 2013).
Furthermore, a customer initiated investment related arbitration claim involving Bagwell’s activities was resolved for $125,000.00 in damages based upon allegations that securities regulations had been violated; Alabama Securities Act Sections 8-6-17 and 8-6-19 had been violated; the customer’s account was churned; contractual obligations to the customer had been left unfulfilled; misleading representations had been made to the customer; transactions were executed in the customer’s account that were not suitable for the customer; fiduciary duties had been breached; and the customer had been defrauded. FINRA Arbitration No. 16-01542 (June 21, 2017).
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