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Investigations

Ashley Woodard, Pamela Lizanich, David Wall, and Ronald Metcalf Jr. – Unsuitable Investment Recommendation and Failure to Supervise Allegations

Ashley Woodard, Pamela Lizanich, David Wall, and Ronald Metcalf Jr. – Unsuitable Investment Recommendation and Failure to Supervise AllegationsAshley Woodard, Pamela Lizanich, David Wall, and Ronald Metcalf Jr. are South Carolina based brokers and investment advisers who have been named defendants in the same pending customer disputes initiated against them on allegations including unsuitability of investment recommendations and failure to supervise among others. This is according to an investigation by investor lawyer Alan Rosca.

Investor lawyers at the Goldman Scarlato & Penny PC law firm including Alan Rosca are investigating conduct related to the pending customer disputes initiated against Ashley Woodard, Pamela Lizanich, David Wall, and Ronald Metcalf Jr. on allegations including unsuitable investment recommendations and failure to supervise.

All four brokers were, or are currently registered with Voya Financial Advisors.

Ashley Woodard left Voya in February 2017 to briefly join IFS Securities in Greenville, South Carolina. Several months later, in December 2017 Woodard switched to NYLife Securities, where he was registered until October 2020.

Pamela Lizanich moved from Voya Financial to IFS Securities in March 2017. She was with IFS until she became registered with NYLife SecuritiesLizanich has been with the firm since July 2018.

David Ralph Wall was registered with Voya Financial between June 2013 and March 2021. In March 2021 he was discharged from Voya Financial Advisors for allegedly failing to perform an adequate review of account profiles for certain customers who purchased alternative investments.

Ronald Metcalf Jr. is currently registered with Voya Financial Advisors. He has been registered with the firm since December 1986.

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    Defendants in The Same Pending Customer Disputes

    Investor lawyer Alan Rosca reviewed publicly available information and found that the four brokers and investment advisers named above were jointly named defendants in various pending customer disputes.

    According to the reports on Ashley Woodard, Pamela Lizanich, David Wall, and Ronald Metcalf Jr.’s FINRA Brokercheck pages (CRD# 4703144, CRD#: 5742762, CRD#: 1651874, and CRD#: 1280602), in July 2020 two customers filed consecutive FINRA disputes under numbers 20-02110 and 20-02111, each requesting $5,000,000 in alleged damages.

    In FINRA case no. 20-02110, the claimants are alleging that while they were registered with Voya Financial, the brokers recommended unsuitable and illiquid alterative investments concerning Real Estate Securities investment products.

    In FINRA case no. 20-02111, the customers made similar allegations concerning Variable Annuity and Unit Investment Trust investment products. Both cases show as pending as to all four brokers as of the date of this article.

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      In a case filed in March 2021, a customer alleged that while they were registered with Voya Financial, David Wall and Ashley Woodard recommended risky and unsuitable alternative investments. The case was filed with FINRA under no. 21-00718 and the customer is requesting $50,000 in alleged damages. As of the date of this article the dispute is reported as pending.

      In another customer dispute initiated in July 2021, filed under FINRA case no. 20-02101, the customer alleged that while they were registered with Voya Financial, both Ashley Woodard and Pamela Lizanich disregarded the interests of their clients and steered them into multiple illiquid and unsuitable private placement investments. Ronald Metcalf Jr. is alleged to have failed in his duty to adequately supervise both Ashley Woodard and Pamela Lizanich. In this dispute, the client was requesting between $50,000 and $100,000 in damages and settled for $152,500.

      In November 2019, under FINRA case no. 19-03304, a customer filed a complaint alleging that Ashley Woodard and Pamela Lizanich recommended illiquid and unsuitable alternative invetsments. Ronald Metcalf Jr. allegedly failed to supervise Woodard and Lizanich. The customer requested between $100,000 and $500,000 in alleged damages, and in October 2020 reportedly settled for $80,000.

      In October 2019 another FINRA case involving Woodard, Lizanich, and Metcalf was filed under case no. 19-02999. The customers alleged that Ashley Woodard and Pamela Lizanich recommended various alternative, illiquid and unsuitable securities. The client also alleged that Ronald Metcalf Jr. failed to adequately supervise the brokers who sold unsuitable investments. The client in this dispute was seeking to recover $100,000 in damages but the dispute was settled for $575,000.

      Finally, it is important to note that, as of the date of this article, there has not been a finding of liability as to the complaints mentioned in this article, unless otherwise indicated.

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        Securities Lawyer Investigating

        The Goldman Scarlato & Penny PC law firm represents investors who lose money as a result of investment-related fraud or misconduct and is currently investigating conduct related Ashley Woodard, Pamela Lizanich, David Wall and Ronald Metcalf Jr.’s multiple pending customer disputes on the allegation of unsuitability of investment recommendations and failure to supervise.

        The firm takes most cases of this type on a contingency fee basis and advances the case costs, and only gets paid for their fees and costs out of money recovered for clients. Attorney Alan Rosca, a securities lawyer and adjunct professor of securities regulation, has represented thousands of victimized investors across the country and around the world in cases ranging from arbitrations to class actions.

        Investors who believe they lost money as a result of conducts related to related Ashley Woodard, Pamela Lizanich, David Wall and Ronald Metcalf Jr.’s customer disputes on the allegation of unsuitability of investment recommendations and failure to supervise, may contact attorney Alan Rosca for a free no-obligation evaluation of their recovery options, at 888-998-0530, via email at rosca@lawgsp.com, or through the contact form on this webpage.

        In our legal system, every person is innocent until and unless found guilty by a court of law or a tribunal. Whenever we reference “allegations” or charges that are “alleged,” such allegations or charges have not been proven, and are merely accusations, not findings of fault, as of the date of the blog. We do not have, nor do we undertake, a duty to continue to monitor or follow cases about which we report, and/or to publish subsequent updates regarding various developments that may occur in such cases. Readers are encouraged to conduct their own research regarding any such cases and any developments that may or may not have occurred in such cases. Also, the brokercheck report linked to some of our blogs is the up-to-date version as of the date of accessing. Visitors may check the most recent version of each brokercheck report at www.finra.org.

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