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Woodbury Financial Services, Inc.

Background Information

Woodbury Financial Services, Inc. is a broker-dealer whose headquarters are in Oakdale, Minnesota. Founded in 1968, the company has $60.1 billion total assets under administration. Woodbury Financial Services is a part of the Advisor Group, a network of wealth management firms with more than 7,000 affiliated advisors across the country.

Regulatory Violations

Woodbury Financial Services, Inc.’s publicly-available FINRA BrokerCheck report lists 27 disclosures including 19 regulatory events and 7 arbitrations.

Woodbury Financial Services Permitted Unsuitable Transactions, Paid $1 Million

In April 2017 a FINRA arbitration claim was filed in California by claimants who asserted the following about Woodbury: breach of fiduciary duty, negligence, negligent misrepresentation relating to claimant’s investment in Hybrid Aircraft Company, Edgewood Property Group, and fraud and deceit. They requested unspecified damages. In June of 2018, a FINRA arbitration panel found that “Woodbury permitted the execution of unsuitable transactions as a result of its failure to discharge its former broker.” They ruled that Woodbury was liable and had to pay the claimants $1,091,575 in compensatory damages and pre-judgment interest.

Claims of Unsuitability, Misrepresentation Lead to FINRA Award for Customers

In March 2014, Woodbury clients in Wisconsin asserted the following about the firm: unsuitability, intentional misrepresentation, negligent misrepresentation, and doctrine of respondent superior. They requested a total of $38,000, and in October 2014 a FINRA arbitrator awarded them $9,000 in compensatory damages, as well as $600 for the FINRA Dispute Resolution filing fee.

Silver Law Group

Silver Law Group is a nationally recognized securities and investment fraud law firm with Martindale-Hubbell® Peer Review Ratings™ “AV” rated lawyers that handle all securities arbitration matters on a contingency fee basis. The Law Firm, at no cost to investors will review account activity and account statements to determine whether there was any misconduct, whether there are damages and the legal causes of action. We investigate all sales practice violations, while taking into consideration the investor’s age, investment background, and the relationship between the investor and the brokerage firm and its financial advisor. According to securities industry rules and regulations, unsuitable investment advice, securities concentration, fraudulent misrepresentations and omissions of material facts, breach of fiduciary duty, conflicts of interest, variable annuity switching are among the causes of action that may be available to investors in claims for damages against brokerage firms and their financial advisors in a securities arbitration claim filed with the Financial Industry Regulatory Authority (FINRA). We represent investors in FINRA arbitration claims on a contingency fee basis.

To learn more call us Toll Free at (800) 975-4345 or email us at ssilver@silverlaw.com

Client Reviews
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