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Two Former HD Vest Investment Brokers, Jerry Davis Raines and Donna Lynn Barnard, Barred by FINRA for Not Cooperating in Alleged Ponzi Scheme Investigation

In August 2018, former HD Vest Investment Services brokers Jerry Davis Raines and Donna Lynn Barnard consented to a sanction from the Financial Industry Regulatory Authority (FINRA) in which they agreed to be barred from the securities industry.  The action resulted from Jerry Davis Raines’ and Donna Lynn Barnard’s refusal to cooperate in FINRA’s investigation of their involvement in the sale of promissory notes related to the Woodbridge Group of Companies, LLC and its $1.2 billion Ponzi scheme.

Jerry Davis Raines has been the subject of at least 15 customer complaints, according to FINRA’s BrokerCheck.

One customer alleged that Raines “agreed to join and participate in a civil conspiracy related to the Woodbridge investments and committed overt acts in furtherance of the conspiracy that substantially and successfully ‘propped up’ Woodbridge’s fraudulent scheme.”

Donna Lynn Barnard has been the subject of at least 14 customer complaints.

Earlier this year, FINRA sent requests for documents to Raines and Barnard in response to customer complaints of their alleged involvement in the Ponzi scheme. After the two informed FINRA that they would not respond, they were subsequently barred pursuant to FINRA Rule 8210 and 2010.


Fishman Haygood Investment Fraud Lawyers represents investors who have suffered investment losses in claims against their brokers or financial advisors. Our experienced attorneys have brought securities fraud cases in state and federal courts across the nation, as well as in FINRA arbitration. We work to help investors recoup their losses.

Of course, all cases are different. For that reason, we analyze each client’s matter individually and provide our personalized evaluation only after considering all of the facts and circumstances of all possible claims. If you or someone you know is the victim of securities fraud, please contact a Fishman Haygood Investment Fraud lawyer today.

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