Jodie Lane – Financial Advisor/Broker Jodie Lane Suspended by FINRA | Goodman & Nekvasil, P.A. May Recover Investor Losses
Jodie Lane was a previously licensed financial advisor with Woodbury Financial Services, Inc. and LPL Financial LLC. FINRA reports that Jodie Lane was suspended from the securities industry for four months in September 2020.
According to FINRA Allegations:
Lane consented to the sanctions and to the entry of findings that she circumvented her member firm’s WSPs, which prohibited brokers from engaging in certain relationships with customers and accepting gifts, in connection with her customer, who was her second cousin once removed. The findings stated that the firm prohibited brokers from acting as a power of attorney for a customer, being designated as a beneficiary on customer accounts, having check writing authority over customer accounts, and receiving gifts from customers exceeding $100. The customer granted Lane three powers of attorney (POA) over their financial affairs: a health care POA, a general financial POA, and a POA over their outside checking account, which included the power to withdraw funds from, and write checks on, the checking account. When the firm hired Lane, she did not inform it of the powers of attorney, or that she had check writing authority over the customer’s bank accounts as required. Lane requested guidance from the firm as to disclosure and approval of these designations and was directed to submit an outside business activity form. Lane submitted the form, but omitted the true nature of her authority, and stated only she was the “personal representative for the estate of. . . [her] cousin.” Also, contrary to the firm’s prohibition on receiving gifts, Lane accepted $154,299 in gifts from the customer, by transferring the funds from the customer’s checking account to her accounts. Additionally, the customer designated Lane the transfer on death beneficiary for two of the her brokerage accounts. At the time, the total value of the accounts was approximately $768,000. Lane was aware of the designation, but did not notify the firm as required by its procedures. Lane also did not designate the accounts as employee-related. When the customer died, Lane inherited more than $715,000. The findings also stated that Lane stated in three annual compliance questionnaires that she did not have any customer relationships such as a power of attorney to report, and she had not received gifts valued at over $100 dollars from a customer, which was not true.
Goodman & Nekvasil P.A. May Recover Investor Losses
If you lost money on investments with Jodie Lane and believe the investments may have been unsuitable or otherwise improper for you, we would like to discuss the possibility of your retaining our firm to represent you in an arbitration action concerning Jodie Lane’s conduct. There is no charge for an evaluation of your case. Further, we handle our cases on a contingency fee basis. This means that unless we recover money for you, we charge no attorney’s fee. Unless you recover any money, you pay us nothing, not even the costs and expenses which the firm will advance on your behalf.
Kalju Nekvasil, Esq., formerly regional counsel with the NASD, now known as FINRA, has practiced in this area of the law for more than 35 years. Goodman & Nekvasil, P.A. has recovered more than $180 million on behalf of victimized investors. If you lost money on investments with Jodie Lane and would like your case evaluated by a securities attorney (again, there is no charge for an evaluation and all cases are handled on a purely contingency fee basis), please contact us.
Some of the information in this blog post was obtained on 9/21/2020 directly from FINRA BrokerCheck, without any changes. If you believe this information was reported incorrectly, please contact our firm at 1-800-500-4442.