Last Updated: October 2024 (Manchester, Missouri)
David Norval Wood Financial Advisor Fraud Alert
National securities fraud lawyers Patil Law P.C. are investigating broker David Norval Wood (CRD #2306563), who is currently employed at Moloney Securities Co., Inc. in Manchester, Missouri. He has been involved in multiple customer disputes alleging unsuitability and negligence regarding investment recommendations.
David Norval Wood (CRD #2306563) is a financial advisor with over three decades of experience, currently employed at Moloney Securities Co., Inc. in Manchester, Missouri. However, his career has been marked by multiple customer disputes, including allegations of unsuitable investment recommendations and negligence, leading to one settlement and one pending case. Below, we provide further details on Wood’s professional background and the customer complaints that may raise concerns for potential investors.
Critical insights about Manchester MO stockbroker David Norval Wood:
- Advisor Name: David Norval Wood
- CRD: 2306563
- Location: Manchester, Missouri
- Current Employer: Moloney Securities Co., Inc.
- Classification: Stockbroker + Financial Advisor
- Primary Location: Manchester, MO
- Can David Norval Wood be sued in private FINRA arbitration: Yes
- Has Mr. Wood been barred by FINRA: No
- Highest Damages Allegation: $600,000
- Highest Settlement: $137,500
- Pending Customer Dispute: Yes
If you have suffered investment losses by David Norval Wood, we strongly encourage you to exercise your rights to experienced legal representation. Recover what is owed to you by retaining a breach of fiduciary duty lawyer. Reach out to the legal team at Patil Law P.C. via the secure online form or call the firm directly toll-free at (800) 950-6553.
Lost Money With Stockbroker David Norval Wood?
In a customer dispute filed on January 7, 2022, a client of Moloney Securities alleged unsuitable investment recommendations involving Direct Participation Programs (DPPs) and Limited Partnerships (LPs) from 1990 to 2017. The client seeks $600,000 in damages, and the case remains pending (FINRA Docket #22-00007).
In a separate dispute filed on October 24, 2022, another client alleged suitability issues and negligence related to DPP and LP interests. This case was settled for $137,500 on December 28, 2023 (FINRA Docket #22-02389).
Allegations of Broker Misconduct Against David Norval Wood
Customers of David Norval Wood have alleged the following misconduct in connection with his handling of their accounts:
- Unsuitability: Wood has been accused of recommending investments, such as DPPs and LPs, that were not appropriate for his clients’ financial objectives.
- Negligence: Allegations have also been made regarding Wood’s failure to properly assess the suitability of investment products for clients, resulting in financial losses.
Brokers and their firms are required to comply with FINRA Rule 2111, which mandates that investment recommendations must be suitable for the customer’s specific financial situation. The allegations against Wood suggest possible violations of this suitability rule, leading to disputes and settlements.
FINRA Rule 2111, the Suitability Rule, requires brokers to have a reasonable basis to believe that a recommended transaction or investment strategy is suitable for the customer, based on the customer’s financial situation, needs, and investment profile. This rule covers the three key obligations: reasonable-basis suitability (the recommendation must be suitable for at least some investors), customer-specific suitability (the recommendation must be appropriate for that particular customer), and quantitative suitability (ensuring that the number of recommended transactions is not excessive). Related rules include FINRA Rule 2090, the Know Your Customer Rule, which mandates that brokers understand their clients’ investment profiles to provide suitable advice.
Broker Experience Summary
David Norval Wood (CRD #2306563) has been involved in the financial industry for over three decades, currently employed at Moloney Securities Co., Inc. since October 2010. Wood has worked for other firms in the past, including Hancock Securities Group, LLC from April 2000 to October 2010, and D.R. Hancock & Company, Inc. from January 1993 to May 2000. Over his career, he has passed two general industry/product exams, including the Series 7 General Securities Representative Exam and the Securities Industry Essentials (SIE) Examination. Additionally, he passed the Series 63 Uniform Securities Agent State Law Exam.
Wood is currently licensed to operate in six U.S. states, including Missouri, Illinois, Arizona, Florida, Kansas, and Ohio. Alongside his role as a financial advisor, Wood is involved in other business activities, such as running Wood Forensic Valuation Services and serving as a trustee for several trusts. His extensive career and broad registrations reflect a wide-ranging capacity to advise clients in the financial sector.
Negative Disclosures and Customer Disputes
David Norval Wood has been involved in two customer disputes, with one settled and one currently pending:
- Pending Customer Dispute (2022): A customer filed a complaint on January 7, 2022, alleging unsuitable investment recommendations in Direct Participation Programs (DPPs) and Limited Partnerships (LPs) from 1990 to 2017. The client is seeking $600,000 in damages. This case remains pending (FINRA Docket #22-00007).
- Settled Customer Dispute (2022): Another customer filed a complaint on October 24, 2022, alleging suitability and negligence involving DPPs and LPs. The case was settled for $137,500 on December 28, 2023 (FINRA Docket #22-02389).
There are no additional regulatory actions, terminations, or tax liens disclosed for Wood.
Allegations and Accusations
David Norval Wood has faced several allegations in customer disputes:
- Unsuitability: Wood has been accused of recommending investment products, such as DPPs and LPs, that were not suitable for his clients’ financial objectives.
- Negligence: In one case, Wood was accused of failing to adequately assess the suitability of investment recommendations, leading to financial losses for the client.
These allegations have led to one settlement and one ongoing dispute, highlighting concerns over Wood’s handling of client portfolios. No formal regulatory actions or terminations have been reported.
Patil Law P.C. Will Help You Recover Your Investment Losses
If you have suffered investment losses in an account handled by David Norval Wood or have a question about the performance of your account, please contact Attorney Patil online or (800) 950-6553 for a free initial consultation.
Our cases are handled on a contingency basis. We don’t get paid unless we win for you.
