Broker Investigation: Jerry Davis Raines and Donna Lynn Barnard

Jerry Davis Raines (CRD#: 4578689) was a registered broker at HD Vest Investment Services from 2014 to 2017. Similarly, Donna Lynn Barnard (CRD#: 5653949) also served as a registered broker at HD Vest during the same years. Both brokers were based at a branch office in Kilgore, Texas.

On September 7th, 2018, FINRA barred both Mr. Raines and Ms. Barnard from the securities industry for their failure to cooperate with an investigation into allegations that they sold fraudulent Woodbridge Group promissory notes to investors. In late 2017, the SEC determined that the Woodbridge Group of Companies is a Ponzi scheme.

FINRA Bars Former HD Vest Brokers Jerry Davis Raines and Donna Lynn Barnard

In its investigation into brokers and brokerage firms that negligently offered Woodbridge Group financial products to investors, FINRA requested documents, records, and testimony from Mr. Raines and Ms. Barnard. Both brokers acknowledged receipt of these requests, but declined to offer any information. As a result, both Mr. Raines and Mr. Barnard have now been barred from associating with any FINRA member in any capacity.

Notably, many investor complaints have been filed against these brokers. Since the beginning of 2018, Mr. Raines and Ms. Barnard are now facing at least 15 different customers complaint. These complaints all allege illegitimate losses related to Woodbridge Group investments. According to the latest information on BrokerCheck, all cases against Mr. Raines and Ms. Barnard are still listed as pending. Several different causes of action have been raised against these brokers, including:

• Unsuitable investment recommendations;
• Material misrepresentations and material omissions;
• Failure to conduct reasonable due diligence on unregistered securities.

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At Sonn Law Group, our securities fraud attorneys are dedicated advocates for investors. If you sustained substantial investment losses, you may be entitled to financial compensation. For a free consultation, please contact our law office today.

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