Wood, who was president of CSE Baseball, is accused of using a secret camera to film players while they were taking a shower.
The Major League Baseball Players Association confirmed to ESPN that Wood was suspended pending the outcome of an investigation.
The player fired Wood after a confrontation, according to FanRag, which said there is an investigation into other allegations of recording other players.
His client list included Highland, Illinois native Jake Odorizzi (RHP, Tampa Bay Rays) and Red Sox infielder Andrew Benintendi among other prospects and major leaguers.
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Following the scandal, some players have reportedly already terminated their cooperation with CSE Talent and have hired new agencies to represent their interests. "I am disappointed that there are those who have chosen to spread such irresponsible and harmful rumors", Wood said in a prepared statement.
The MLB players' union is investigating Wood, who led CSE's baseball division since last April. Yahoo Sports reports that Woods' home is in the St. Louis area. Multiple sources told the sports news outlet that Wood filmed clients in the shower. SI reports a "number" of players represented by Wood have now dispensed with his services.
"For over 32 years, CSE talent has prided itself on our moral and ethical standards and have built a solid reputation within the industry", Martoe wrote. He added that the company takes pride in working with individuals who represent the values he mentioned. The players union, which is the group that certifies agents, announced it would be giving Wood an opportunity to make a response to the accusations.