UPDATE! Investigation of DAVID B. ANGLIN and WOODBURY FINANCIAL SERVICES INC.
David B. Anglin and Woodbury Financial Services, Inc.
Have you lost money with financial advisor David B. Anglin? We are investigating allegations made by the Utah Division of Securities against David Anglin, who previously worked as a financial advisor in Heber, Utah. The Utah Division of Securities alleged that Anglin referred his customers to invest in a number of entities controlled by Dee Randall, who is alleged to have been running a Ponzi scheme.
Dee Randall ran a number of entities that sold promissory notes to investors, including Horizon Financial Center I, Horizon Auto Funding, and Independent Commercial Lending (“Horizon entities”). It has been alleged that each of these investments were part of a large Ponzi scheme, and Randall is currently facing criminal charges related to this conduct. David Anglin was a financial advisor and insurance producer who was affiliated with Horizon Financial and Insurance Group Inc., an insurance agency operated by Dee Randall. Randall was alleged to give bonuses or commissions of 5% to 7% to agents of Horizon Financial and Insurance who referred investors to him, including Anglin. It was alleged that David Anglin referred at least five investors between late 2007 to early 2011 to Randall to invest in the Horizon entities, and that these investors invested $1.16 million.
On March 27, 2015, a federal bankruptcy judge ruled that Dee Randall’s scheme was an illegal Ponzi scheme. According to the Salt Lake Tribune, U.S. Bankruptcy Judge Joel Marker ruled that “since at least 1997, Randall operated the [companies] as a ‘Ponzi scheme,’ and engaged in a continuing fraud.”
David Anglin was a financial advisor and registered representative of Woodbury Financial Services Inc. from May 2008 to October 2009. Anglin was registered with a Heber, Utah branch of Woodbury Financial Services.
Brokerage firms like Woodbury Financial Services have a responsibility to adequately supervise all representatives who are registered through their firm. Brokerage firms also must take steps to ensure that their financial advisors follow all securities rules and regulations, as well as internal firm policies. When brokerage firms fail to adequately supervise their registered representatives, they may be liable for investment losses sustained by customers.
Our attorneys have represented hundreds of investors who have been defrauded by their financial advisor or stockbroker. While we have offices in Denver and the Seattle area, we have also previously represented clients in Utah and elsewhere who lost money in the Dee Randall/Horizon Ponzi scheme. If you have lost money with Dee Randall or Horizon at the recommendation of David B. Anglin and want to hear about ALL legal options, please visit https://www.israelsneuman.com and go to our CONTACT page or call us at 720-599-3505.