Financial Advisor David Scholl (Planmember Securities Corp.) Customer Complaints


The Wolper Law Firm, P.A. is currently investigating claims against David Scholl, a former Financial Advisor at Planmember Securities Corp. in Grand Rapids, Michigan.  David Scholl first entered the securities industry  in the 1990s and worked for several brokerage firms, including LPL Financial, CUNA Brokerage Services and Linsco Private Ledger.

According to publicly available records released by the Financial Industry Regulatory Authority (FINRA), on January 29, 2018, FINRA issued a cease and desists order against David Scholl in order to prevent him from selling additional promissory notes issued by the Woodbridge Group of Companies a/k/a Woodbridge Wealth.  It was alleged that David Scholl “acted as an agent for Woodbridge in the offer and sale of forty-three (43) securities without the benefit of registration.”

For years, the Woodbridge Group of Companies, operated a ponzi scheme in which it sold (through outside financial professionals) promissory notes allegedly backed by mortgages.  The investment program turned out to be a $1.2 billion ponzi scheme and Woodbridge’s principal, Robert Shapiro is currently under criminal indictment.

According to the SEC’s complaint filed against Woodbridge, the Woodbridge business model was to borrow money from investors in exchange for promissory notes, maturing usually in 12 or 18 months. The notes had an annual interest rate of 5% to 8% payable monthly. The investors’ money was supposed to be issued to lenders in the form of securitized mortgages, but rarely was, according to the SEC.  Alan New is allegedly one of the outside financial professionals that sold the fraudulent notes to unsuspecting customers.

In December 2017, Woodbridge declared bankruptcy.


David Scholl has a history of regulatory infractions.  In 2015, he was suspended and fined by FINRA for selling clients private securities that were not approved by his brokerage firm.  This practice is known as “selling away.”

In addition, David Scholl has two customer complaints, alleging sales practice violations.  One of the complaints alleged damages of $241,000.

Financial advisors have a legal and regulatory obligation to recommend only suitable investments that are appropriate for their clients’ needs and objectives.  Their employing brokerage firm has a legal and regulatory obligation to supervise the Financial Advisors’ sales practices and dealings with clients.  To the extent any of these duties are breached, the customer may be entitled to a recovery of his or her investment losses.

If you or someone you know was a customer of David Scholl or invested in the Woodbridge Wealth promissory notes, and you experienced investment losses, please contact the Wolper Law Firm, P.A. at 800.931.8452 or by email at mwolper@wolperlawfirm.com to discuss your specific situation and the legal options available.  The Wolper Law Firm, P.A. represents investors nationwide in securities litigation and arbitration.

Matt Wolper, the Managing Principal of the Wolper Law Firm, P.A., is a trial lawyer who has handled hundreds of securities cases during his career involving a wide range of products, strategies and securities.  Prior to representing investors, he was a partner with a national law firm, where he represented some of the largest banks and brokerage firms in the world in securities matters.  Simply put, he knows how the other side evaluates cases, which gives you a competitive advantage.

Attorney Matthew Wolper

Attorney Matthew WolperMatt Wolper is a trial lawyer who focuses exclusively on securities litigation and arbitration. Mr. Wolper has handled hundreds of securities matters nationwide before the Financial Industry Regulatory Authority (FINRA), American Arbitration Association (“AAA”), JAMS, and in state and federal court. Mr. Wolper has handled and tried cases involving complex financial products and strategies ranging from traditional stocks and bonds to options, margin and other securities-based lending products, closed/open-end mutual funds, structured products, hedge funds, and penny stocks. [Attorney Bio]