BrokerCheck Report
WOODBURY FINANCIAL SERVICES, INC.
Section Title
Report Summary
Firm History
CRD# 421
1
15
Firm Profile 2 - 14
Page(s)
Firm Operations 16 - 31
Disclosure Events 32
http://www.finra.org
About BrokerCheck®
BrokerCheck offers information on all current, and many former, registered securities brokers, and all current and formerregistered securities firms. FINRA strongly encourages investors to use BrokerCheck to check the background ofsecurities brokers and brokerage firms before deciding to conduct, or continue to conduct, business with them.
· What is included in a BrokerCheck report?· BrokerCheck reports for individual brokers include information such as employment history, professional
qualifications, disciplinary actions, criminal convictions, civil judgments and arbitration awards. BrokerCheckreports for brokerage firms include information on a firm’s profile, history, and operations, as well as many of thesame disclosure events mentioned above.
· Please note that the information contained in a BrokerCheck report may include pending actions orallegations that may be contested, unresolved or unproven. In the end, these actions or allegations may beresolved in favor of the broker or brokerage firm, or concluded through a negotiated settlement with noadmission or finding of wrongdoing.
· Where did this information come from?· The information contained in BrokerCheck comes from FINRA’s Central Registration Depository, or
CRD® and is a combination of: o information FINRA and/or the Securities and Exchange Commission (SEC) require brokers and
brokerage firms to submit as part of the registration and licensing process, and o information that regulators report regarding disciplinary actions or allegations against firms or brokers.
· How current is this information?· Generally, active brokerage firms and brokers are required to update their professional and disciplinary
information in CRD within 30 days. Under most circumstances, information reported by brokerage firms, brokersand regulators is available in BrokerCheck the next business day.
· What if I want to check the background of an investment adviser firm or investment adviserrepresentative?
· To check the background of an investment adviser firm or representative, you can search for the firm orindividual in BrokerCheck. If your search is successful, click on the link provided to view the available licensingand registration information in the SEC's Investment Adviser Public Disclosure (IAPD) website athttps://www.adviserinfo.sec.gov. In the alternative, you may search the IAPD website directly or contact yourstate securities regulator at http://www.finra.org/Investors/ToolsCalculators/BrokerCheck/P455414.
· Are there other resources I can use to check the background of investment professionals?· FINRA recommends that you learn as much as possible about an investment professional before
deciding to work with them. Your state securities regulator can help you research brokers and investment adviserrepresentatives doing business in your state.
·Thank you for using FINRA BrokerCheck.
For more information aboutFINRA, visit www.finra.org.
Using this site/information meansthat you accept the FINRABrokerCheck Terms andConditions. A complete list ofTerms and Conditions can befound at
For additional information aboutthe contents of this report, pleaserefer to the User Guidance orwww.finra.org/brokercheck. Itprovides a glossary of terms and alist of frequently asked questions,as well as additional resources.
brokercheck.finra.org
http://www.finra.orghttps://www.AdviserInfo.sec.govhttp://www.finra.org/Investors/ToolsCalculators/BrokerCheck/P455414http://www.finra.orghttp://brokercheck.finra.org/Support/Terms
WOODBURY FINANCIAL SERVICES,INC.
CRD# 421
SEC# 8-13846
Main Office Location
7755 3RD STREET NORTHOAKDALE, MN 55128Regulated by FINRA Kansas City Office
Mailing Address
7755 3RD STREET NORTHOAKDALE, MN 55128
This firm is a brokerage firm and an investmentadviser firm. For more information aboutinvestment adviser firms, visit the SEC'sInvestment Adviser Public Disclosure website at:
Business Telephone Number
(800) 800-2638
https://www.adviserinfo.sec.gov
Report Summary for this Firm
This report summary provides an overview of the brokerage firm. Additional information for this firm can be foundin the detailed report.
Disclosure Events
Brokerage firms are required to disclose certaincriminal matters, regulatory actions, civil judicialproceedings and financial matters in which the firm orone of its control affiliates has been involved.
Are there events disclosed about this firm? Yes
The following types of disclosures have beenreported:
Type Count
Regulatory Event 21
Arbitration 7
Bond 1
Firm Profile
This firm is classified as a corporation.
This firm was formed in Minnesota on 03/15/1968.
Its fiscal year ends in December.
Firm History
Information relating to the brokerage firm's historysuch as other business names and successions(e.g., mergers, acquisitions) can be found in thedetailed report.
Firm Operations
Is this brokerage firm currently suspended with anyregulator? No
This firm conducts 10 types of businesses.
This firm is affiliated with financial or investmentinstitutions.
This firm has referral or financial arrangements withother brokers or dealers.
This firm is registered with:
• the SEC• 1 Self-Regulatory Organization• 53 U.S. states and territories
www.finra.org/brokercheck User Guidance
1©2021 FINRA. All rights reserved. Report about WOODBURY FINANCIAL SERVICES, INC.
https://adviserinfo.sec.gov/firm/summary/421http://www.finra.orghttp://www.finra.org/brokercheckhttp://www.finra.org/brokercheck_reports
www.finra.org/brokercheck User Guidance
This firm is classified as a corporation.
This firm was formed in Minnesota on 03/15/1968.
CRD#
This section provides the brokerage firm's full legal name, "Doing Business As" name, business and mailingaddresses, telephone number, and any alternate name by which the firm conducts business and where such name isused.
Firm Profile
Firm Names and Locations
Its fiscal year ends in December.
WOODBURY FINANCIAL SERVICES, INC.
SEC#
421
8-13846
Main Office Location
Mailing Address
Business Telephone Number
Doing business as WOODBURY FINANCIAL SERVICES, INC.
(800) 800-2638
Regulated by FINRA Kansas City Office
7755 3RD STREET NORTHOAKDALE, MN 55128
7755 3RD STREET NORTHOAKDALE, MN 55128
2©2021 FINRA. All rights reserved. Report about WOODBURY FINANCIAL SERVICES, INC.
http://www.finra.org/brokercheckhttp://www.finra.org/brokercheck_reportshttp://www.finra.org
www.finra.org/brokercheck User Guidance
This section provides information relating to all direct owners and executive officers of the brokerage firm.
Direct Owners and Executive Officers
Firm Profile
Position
Percentage of Ownership
Is this a public reportingcompany?
Position Start Date
Does this owner direct themanagement or policies ofthe firm?
ADVISOR GROUP, INC.
SHAREHOLDER
75% or more
No
Domestic Entity
11/2012
Yes
Is this a domestic or foreignentity or an individual?
Legal Name & CRD# (if any):
Position
Percentage of Ownership
Is this a public reportingcompany?
Position Start Date
Does this owner direct themanagement or policies ofthe firm?
CORNICK, GREGORY ALLEN
DIRECTOR
Less than 5%
No
Individual
01/2021
Yes
3132991
Is this a domestic or foreignentity or an individual?
Legal Name & CRD# (if any):
Position
Percentage of Ownership
Position Start Date
FERGESEN, RICHARD DAVID
CEO, PRESIDENT, DIRECTOR
Less than 5%
Individual
03/2014
717938
Is this a domestic or foreignentity or an individual?
Legal Name & CRD# (if any):
3©2021 FINRA. All rights reserved. Report about WOODBURY FINANCIAL SERVICES, INC.
http://www.finra.org/brokercheckhttp://www.finra.org/brokercheck_reportshttp://www.finra.org
www.finra.org/brokercheck User Guidance
Direct Owners and Executive Officers (continued)
Firm Profile
Percentage of Ownership
Is this a public reportingcompany?
Does this owner direct themanagement or policies ofthe firm?
Less than 5%
No
Yes
Position
Percentage of Ownership
Is this a public reportingcompany?
Position Start Date
Does this owner direct themanagement or policies ofthe firm?
FRANKOWSKA, DAGMARA K
DEPUTY IA CHIEF COMPLIANCE OFFICER
Less than 5%
No
Individual
04/2021
No
3165855
Is this a domestic or foreignentity or an individual?
Legal Name & CRD# (if any):
Position
Percentage of Ownership
Is this a public reportingcompany?
Position Start Date
Does this owner direct themanagement or policies ofthe firm?
HAMEL, CYNTHIA ANN
EVP, CHIEF OPERATIONS OFFICER
Less than 5%
No
Individual
05/2017
Yes
3014361
Is this a domestic or foreignentity or an individual?
Legal Name & CRD# (if any):
HARBORT, AMY MARIE
4119927
Legal Name & CRD# (if any):
4©2021 FINRA. All rights reserved. Report about WOODBURY FINANCIAL SERVICES, INC.
http://www.finra.org/brokercheckhttp://www.finra.org/brokercheck_reportshttp://www.finra.org
www.finra.org/brokercheck User Guidance
Direct Owners and Executive Officers (continued)
Firm Profile
Position
Percentage of Ownership
Is this a public reportingcompany?
Position Start Date
Does this owner direct themanagement or policies ofthe firm?
CHIEF COMPLIANCE OFFICER
Less than 5%
No
Individual
11/2018
No
4119927
Is this a domestic or foreignentity or an individual?
Position
Percentage of Ownership
Is this a public reportingcompany?
Position Start Date
Does this owner direct themanagement or policies ofthe firm?
PRICE, JAMES DALE
CHAIRMAN, DIRECTOR
Less than 5%
No
Individual
11/2016
Yes
1243224
Is this a domestic or foreignentity or an individual?
Legal Name & CRD# (if any):
Position
Percentage of Ownership
Position Start Date
Does this owner direct themanagement or policies ofthe firm?
SCHLUETER, MATTHEW ADAM
EXECUTIVE VICE PRESIDENT, DIRECTOR
Less than 5%
Individual
03/2019
Yes
2627931
Is this a domestic or foreignentity or an individual?
Legal Name & CRD# (if any):
5©2021 FINRA. All rights reserved. Report about WOODBURY FINANCIAL SERVICES, INC.
http://www.finra.org/brokercheckhttp://www.finra.org/brokercheck_reportshttp://www.finra.org
www.finra.org/brokercheck User Guidance
Direct Owners and Executive Officers (continued)
Firm Profile
Is this a public reportingcompany?
Does this owner direct themanagement or policies ofthe firm?
No
Yes
Position
Percentage of Ownership
Is this a public reportingcompany?
Position Start Date
Does this owner direct themanagement or policies ofthe firm?
SCHMIDT, DAVID MARTIN
TREASURER, FINANCIAL AND OPERATIONS PRINCIPAL
Less than 5%
No
Individual
03/2017
No
5675524
Is this a domestic or foreignentity or an individual?
Legal Name & CRD# (if any):
6©2021 FINRA. All rights reserved. Report about WOODBURY FINANCIAL SERVICES, INC.
http://www.finra.org/brokercheckhttp://www.finra.org/brokercheck_reportshttp://www.finra.org
www.finra.org/brokercheck User Guidance
This section provides information relating to any indirect owners of the brokerage firm.
Indirect Owners
Firm Profile
ADVISOR GROUP HOLDINGS, INC.
SHAREHOLDER
ADVISOR GROUP, INC.
75% or more
No
Domestic Entity
05/2016
Yes
Legal Name & CRD# (if any):
Is this a domestic or foreignentity or an individual?
Company through whichindirect ownership isestablished
Relationship to Direct Owner
Relationship Established
Percentage of Ownership
Does this owner direct themanagement or policies ofthe firm?
Is this a public reportingcompany?
AG ARTEMIS HOLDINGS, L.P.
SHAREHOLDER
AG INTERMEDIATE CORPORATION
75% or more
No
Domestic Entity
08/2019
Yes
Legal Name & CRD# (if any):
Is this a domestic or foreignentity or an individual?
Company through whichindirect ownership isestablished
Relationship to Direct Owner
Relationship Established
Percentage of Ownership
Does this owner direct themanagement or policies ofthe firm?
Is this a public reportingcompany?
AG INTERMEDIATE CORPORATION
LADENBURG THALMANN FINANCIAL SERVICES, INC.
Domestic Entity
Legal Name & CRD# (if any):
Is this a domestic or foreignentity or an individual?
Company through whichindirect ownership isestablished
7©2021 FINRA. All rights reserved. Report about WOODBURY FINANCIAL SERVICES, INC.
http://www.finra.org/brokercheckhttp://www.finra.org/brokercheck_reportshttp://www.finra.org
www.finra.org/brokercheck User Guidance
Indirect Owners (continued)
Firm Profile
SHAREHOLDER
LADENBURG THALMANN FINANCIAL SERVICES, INC.
75% or more
No
05/2020
Yes
Company through whichindirect ownership isestablished
Relationship to Direct Owner
Relationship Established
Percentage of Ownership
Does this owner direct themanagement or policies ofthe firm?
Is this a public reportingcompany?
AG PARENT CORPORATION
SHAREHOLDER
ADVISOR GROUP.HOLDINGS, INC
75% or more
No
Domestic Entity
08/2019
Yes
Legal Name & CRD# (if any):
Is this a domestic or foreignentity or an individual?
Company through whichindirect ownership isestablished
Relationship to Direct Owner
Relationship Established
Percentage of Ownership
Does this owner direct themanagement or policies ofthe firm?
Is this a public reportingcompany?
LADENBURG THALMANN FINANCIAL SERVICES, INC.
SHAREHOLDER
AG PARENT CORPORATION
75% or more
Domestic Entity
05/2020
Legal Name & CRD# (if any):
Is this a domestic or foreignentity or an individual?
Company through whichindirect ownership isestablished
Relationship to Direct Owner
Relationship Established
Percentage of Ownership8©2021 FINRA. All rights reserved. Report about WOODBURY FINANCIAL SERVICES, INC.
http://www.finra.org/brokercheckhttp://www.finra.org/brokercheck_reportshttp://www.finra.org
www.finra.org/brokercheck User Guidance
Indirect Owners (continued)
Firm Profile
75% or more
No
Yes
Percentage of Ownership
Does this owner direct themanagement or policies ofthe firm?
Is this a public reportingcompany?
RCP ARTEMIS CO-INVEST, L.P.
LIMITED PARTNER
AG ARTEMIS HOLDINGS, L.P.
75% or more
No
Foreign Entity
08/2019
Yes
Legal Name & CRD# (if any):
Is this a domestic or foreignentity or an individual?
Company through whichindirect ownership isestablished
Relationship to Direct Owner
Relationship Established
Percentage of Ownership
Does this owner direct themanagement or policies ofthe firm?
Is this a public reportingcompany?
RCP GENPAR HOLDCO LLC
LIMITED PARTNER
RCP GENPAR LP
75% or more
No
Domestic Entity
08/2014
Yes
Legal Name & CRD# (if any):
Is this a domestic or foreignentity or an individual?
Company through whichindirect ownership isestablished
Relationship to Direct Owner
Relationship Established
Percentage of Ownership
Does this owner direct themanagement or policies ofthe firm?
Is this a public reportingcompany?
9©2021 FINRA. All rights reserved. Report about WOODBURY FINANCIAL SERVICES, INC.
http://www.finra.org/brokercheckhttp://www.finra.org/brokercheck_reportshttp://www.finra.org
www.finra.org/brokercheck User Guidance
Indirect Owners (continued)
Firm Profile
NoIs this a public reportingcompany?
RCP GENPAR LP
LIMITED PARTNER
RCP OPP FUND II GP, LP
75% or more
No
Domestic Entity
01/2018
Yes
Legal Name & CRD# (if any):
Is this a domestic or foreignentity or an individual?
Company through whichindirect ownership isestablished
Relationship to Direct Owner
Relationship Established
Percentage of Ownership
Does this owner direct themanagement or policies ofthe firm?
Is this a public reportingcompany?
RCP OPP FUND II GP, LP
LIMITED PARTNER
RCP ARTEMIS CO-INVEST GP, LLC
75% or more
No
Domestic Entity
01/2018
Yes
Legal Name & CRD# (if any):
Is this a domestic or foreignentity or an individual?
Company through whichindirect ownership isestablished
Relationship to Direct Owner
Relationship Established
Percentage of Ownership
Does this owner direct themanagement or policies ofthe firm?
Is this a public reportingcompany?
THE BERLINSKI FAMILY 2006 TRUST
MRB ICBC LLC
Domestic Entity
Legal Name & CRD# (if any):
Is this a domestic or foreignentity or an individual?
Company through whichindirect ownership isestablished
10©2021 FINRA. All rights reserved. Report about WOODBURY FINANCIAL SERVICES, INC.
http://www.finra.org/brokercheckhttp://www.finra.org/brokercheck_reportshttp://www.finra.org
www.finra.org/brokercheck User Guidance
Indirect Owners (continued)
Firm Profile
MEMBER
MRB ICBC LLC
75% or more
No
08/2014
Yes
Company through whichindirect ownership isestablished
Relationship to Direct Owner
Relationship Established
Percentage of Ownership
Does this owner direct themanagement or policies ofthe firm?
Is this a public reportingcompany?
BERLINSKI, MILTON RALPH
TRUSTEE
THE BERLINSKI FAMILY 2006 TRUST
25% but less than 50%
No
Individual
06/2006
Yes
1710939
Legal Name & CRD# (if any):
Is this a domestic or foreignentity or an individual?
Company through whichindirect ownership isestablished
Relationship to Direct Owner
Relationship Established
Percentage of Ownership
Does this owner direct themanagement or policies ofthe firm?
Is this a public reportingcompany?
BERLINSKI, MILTON RALPH
MEMBER
RCP GENPAR HOLDCO LLC
Individual
1710939
Legal Name & CRD# (if any):
Is this a domestic or foreignentity or an individual?
Company through whichindirect ownership isestablished
Relationship to Direct Owner11©2021 FINRA. All rights reserved. Report about WOODBURY FINANCIAL SERVICES, INC.
http://www.finra.org/brokercheckhttp://www.finra.org/brokercheck_reportshttp://www.finra.org
www.finra.org/brokercheck User Guidance
Indirect Owners (continued)
Firm Profile
MEMBER
25% but less than 50%
No
08/2014
Yes
Relationship to Direct Owner
Relationship Established
Percentage of Ownership
Does this owner direct themanagement or policies ofthe firm?
Is this a public reportingcompany?
MRB ICBC LLC
MEMBER
RCP GENPAR HOLDCO LLC
25% but less than 50%
No
Domestic Entity
08/2014
Yes
Legal Name & CRD# (if any):
Is this a domestic or foreignentity or an individual?
Company through whichindirect ownership isestablished
Relationship to Direct Owner
Relationship Established
Percentage of Ownership
Does this owner direct themanagement or policies ofthe firm?
Is this a public reportingcompany?
AG ARTEMIS HOLDINGS GP, LLC
GENERAL PARTNER
AG ARTEMIS HOLDINGS, L.P.
Other General Partners
Domestic Entity
05/2019
Yes
Legal Name & CRD# (if any):
Is this a domestic or foreignentity or an individual?
Company through whichindirect ownership isestablished
Relationship to Direct Owner
Relationship Established
Percentage of Ownership
Does this owner direct themanagement or policies ofthe firm?
12©2021 FINRA. All rights reserved. Report about WOODBURY FINANCIAL SERVICES, INC.
http://www.finra.org/brokercheckhttp://www.finra.org/brokercheck_reportshttp://www.finra.org
www.finra.org/brokercheck User Guidance
Indirect Owners (continued)
Firm Profile
No
Does this owner direct themanagement or policies ofthe firm?
Is this a public reportingcompany?
BERLINSKI, MILTON RALPH
INVESTMENT MANAGER
MRB ICBC LLC
Other General Partners
Individual
08/2014
Yes
1710939
Legal Name & CRD# (if any):
Is this a domestic or foreignentity or an individual?
Company through whichindirect ownership isestablished
Relationship to Direct Owner
Relationship Established
Percentage of Ownership
Does this owner direct themanagement or policies ofthe firm?
Is this a public reportingcompany?
BERLINSKI, MILTON RALPH
GENERAL PARTNER
RCP GENPAR LP
Other General Partners
No
Individual
08/2014
Yes
1710939
Legal Name & CRD# (if any):
Is this a domestic or foreignentity or an individual?
Company through whichindirect ownership isestablished
Relationship to Direct Owner
Relationship Established
Percentage of Ownership
Does this owner direct themanagement or policies ofthe firm?
Is this a public reportingcompany?
13©2021 FINRA. All rights reserved. Report about WOODBURY FINANCIAL SERVICES, INC.
http://www.finra.org/brokercheckhttp://www.finra.org/brokercheck_reportshttp://www.finra.org
www.finra.org/brokercheck User Guidance
Indirect Owners (continued)
Firm Profile
RCP ARTEMIS CO-INVEST GP LLC
GENERAL PARTNER
RCP ARTEMIS CO-INVEST, L.P.
Other General Partners
No
Domestic Entity
05/2019
Yes
Legal Name & CRD# (if any):
Is this a domestic or foreignentity or an individual?
Company through whichindirect ownership isestablished
Relationship to Direct Owner
Relationship Established
Percentage of Ownership
Does this owner direct themanagement or policies ofthe firm?
Is this a public reportingcompany?
14©2021 FINRA. All rights reserved. Report about WOODBURY FINANCIAL SERVICES, INC.
http://www.finra.org/brokercheckhttp://www.finra.org/brokercheck_reportshttp://www.finra.org
www.finra.org/brokercheck User Guidance
Firm History
This section provides information relating to any successions (e.g., mergers, acquisitions) involving the firm.
No information reported.
15©2021 FINRA. All rights reserved. Report about WOODBURY FINANCIAL SERVICES, INC.
http://www.finra.org/brokercheckhttp://www.finra.org/brokercheck_reportshttp://www.finra.org
www.finra.org/brokercheck User Guidance
Firm Operations
RegistrationsThis section provides information about the regulators (Securities and Exchange Commission (SEC), self-regulatoryorganizations (SROs), and U.S. states and territories) with which the brokerage firm is currently registered andlicensed, the date the license became effective, and certain information about the firm's SEC registration.
This firm is currently registered with the SEC, 1 SRO and 53 U.S. states and territories.
SEC Registration Questions
This firm is registered with the SEC as:
A broker-dealer:
A broker-dealer and government securities broker or dealer:
A government securities broker or dealer only:
This firm has ceased activity as a government securities broker or dealer:
Yes
Yes
No
No
Federal Regulator Status Date Effective
SEC Approved 04/26/1968
Self-Regulatory Organization Status Date Effective
FINRA Approved 05/16/1968
16©2021 FINRA. All rights reserved. Report about WOODBURY FINANCIAL SERVICES, INC.
http://www.finra.org/brokercheckhttp://www.finra.org/brokercheck_reportshttp://www.finra.org
www.finra.org/brokercheck User Guidance
Firm Operations
Registrations (continued)
U.S. States &Territories
Status Date Effective
Alabama Approved 12/10/1981
Alaska Approved 10/30/1978
Arizona Approved 10/13/1966
Arkansas Approved 02/10/1993
California Approved 01/01/1970
Colorado Approved 02/01/1983
Connecticut Approved 11/15/1978
Delaware Approved 10/06/1981
District of Columbia Approved 10/16/1968
Florida Approved 05/01/1983
Georgia Approved 09/22/1981
Hawaii Approved 06/09/1978
Idaho Approved 02/21/1969
Illinois Approved 09/20/1978
Indiana Approved 10/21/1981
Iowa Approved 07/15/1983
Kansas Approved 07/09/1969
Kentucky Approved 07/16/1982
Louisiana Approved 06/27/1983
Maine Approved 03/23/1984
Maryland Approved 10/03/1981
Massachusetts Approved 07/31/1981
Michigan Approved 02/03/1983
Minnesota Approved 07/15/1982
Mississippi Approved 10/14/1981
Missouri Approved 07/18/1983
Montana Approved 04/20/1983
Nebraska Approved 10/09/1981
Nevada Approved 07/15/1983
New Hampshire Approved 02/02/1983
New Jersey Approved 07/15/1983
New Mexico Approved 10/07/1981
New York Approved 02/26/1984
U.S. States &Territories
Status Date Effective
North Carolina Approved 07/15/1982
North Dakota Approved 10/21/1981
Ohio Approved 07/16/1982
Oklahoma Approved 08/18/1982
Oregon Approved 10/24/1981
Pennsylvania Approved 05/13/1969
Puerto Rico Approved 08/07/2019
Rhode Island Approved 02/01/1983
South Carolina Approved 08/08/1977
South Dakota Approved 07/15/1982
Tennessee Approved 08/17/1981
Texas Approved 08/15/1983
Utah Approved 04/21/1983
Vermont Approved 02/15/1984
Virgin Islands Approved 01/12/2009
Virginia Approved 09/23/1981
Washington Approved 04/20/1983
West Virginia Approved 09/30/1981
Wisconsin Approved 10/29/1969
Wyoming Approved 08/20/1968
17©2021 FINRA. All rights reserved. Report about WOODBURY FINANCIAL SERVICES, INC.
http://www.finra.org/brokercheckhttp://www.finra.org/brokercheck_reportshttp://www.finra.org
www.finra.org/brokercheck User Guidance
Firm Operations
Types of BusinessThis section provides the types of business, including non-securities business, the brokerage firm is engaged in orexpects to be engaged in.
Other Types of Business
This firm does not effect transactions in commodities, commodity futures, or commodity options.This firm does engage in other non-securities business.
Non-Securities Business Description: FIXED INSURANCE PRODUCT SALES
This firm currently conducts 10 types of businesses.
Types of Business
Broker or dealer retailing corporate equity securities over-the-counter
Mutual fund retailer
U S. government securities broker
Municipal securities broker
Broker or dealer selling variable life insurance or annuities
Put and call broker or dealer or option writer
Investment advisory services
Private placements of securities
Broker or dealer involved in a networking, kiosk or similar arrangment with a: insurance company or agency
Other - 10T UNIT INVESTMENT TRUSTS, MARGIN ACCOUNTS, CORPORATE DEBT SECURITIES, OIL AND GAS,MANAGED FUTURE FUNDS.
18©2021 FINRA. All rights reserved. Report about WOODBURY FINANCIAL SERVICES, INC.
http://www.finra.org/brokercheckhttp://www.finra.org/brokercheck_reportshttp://www.finra.org
www.finra.org/brokercheck User Guidance
Firm Operations
Clearing Arrangements
This firm does hold or maintain funds or securities or provide clearing services for other broker-dealer(s).
Introducing Arrangements
This firm does refer or introduce customers to other brokers and dealers.
Name: NATIONAL FINANCIAL SERVICES LLC
Business Address: 200 LIBERTY STREETMAILZONE NY4ANEW YORK, NY 10281
CRD #: 13041
Effective Date: 11/19/2014
Description: APPLICANT MAINTAINS A FULLY DISCLOSED CLEARING AGREEMENTWITH NATIONAL FINANCIAL SERVICES LLC.
Name: PERSHING LLC
Business Address: ONE PERSHING PLAZAJERSEY CITY, NJ 07399
CRD #: 7560
Effective Date: 04/08/1994
Description: FULLY DISCLOSED CLEARING ARRANGEMENT WITH PERSHING,DIVISION OF DONALDSON, LUFKIN AND JENRETTE CORPORATION, ONEPERSHING PLAZA, JERSEY CITY, NJ, 07399.
19©2021 FINRA. All rights reserved. Report about WOODBURY FINANCIAL SERVICES, INC.
http://www.finra.org/brokercheckhttp://www.finra.org/brokercheck_reportshttp://www.finra.org
www.finra.org/brokercheck User Guidance
Firm Operations
Industry Arrangements
This firm does have books or records maintained by a third party.
Name: ADVISORWEBSITES
Business Address: 311-1930 PANDORA STREETVANCOUVER, CANADA BC V5L 0C7
Effective Date: 09/23/2020
Description: APPROVED WEBSITE HOSTING VENDOR FOR FINANCIALPROFESSIONALS
Name: TWENTY OVER TEN
Business Address: 2171 SANDY DRIVESUITE # 200STATE COLLEGE, PA 16803
Effective Date: 09/23/2020
Description: APPROVED WEBSITE HOSTING VENDOR FOR FINANCIALPROFESSIONALS
Name: LOGICGATE
Business Address: 320 W OHIO ST.FLOOR 5ECHICAGO, IL 60654
Effective Date: 01/01/2018
Description: REGULATORY INTERNAL TESTING RESULTS, SALES PRACTICEMANUALS, WSPS, AS WELL AS VARIOUS FIRM DISCLOSUREDOCUMENTS
Name: MICROSOFT OFFICE 365
Business Address: ONE MICROSOFT WAYREDMOND, WA 98052
Effective Date: 10/22/2018
Description: INTERNAL ELECTRONIC COMMUNICATIONS
Name: THETA LAKE
Business Address: 4 FAIROAKS COURTSAN MATEO, CA 93101
Effective Date: 07/20/2020
Description: ARCHIVING OF VIDEO COMMUNICATIONS20©2021 FINRA. All rights reserved. Report about WOODBURY FINANCIAL SERVICES, INC.
http://www.finra.org/brokercheckhttp://www.finra.org/brokercheck_reportshttp://www.finra.org
www.finra.org/brokercheck User Guidance
Firm Operations
Industry Arrangements (continued)
This firm does have accounts, funds, or securities maintained by a third party.
Description: ARCHIVING OF VIDEO COMMUNICATIONS
Name: VERITAS (LIVEOFFICE)
Business Address: 2780 SKYPARK DRIVESUITE 300TORRANCE, CA 90505
Effective Date: 09/01/2006
Description: E-MAIL ARCHIVING AND SUPERVISION
Name: DOCUPACE
Business Address: 2001 S. BARRINGTON AVESUITE 215LOS ANGELES, CA 90025
Effective Date: 08/08/2013
Description: ARCHIVING OF AUDIT RECORDS, CERTAIN CLIENT RECORDS
Name: NATIONAL FINANCIAL SERVICES LLC
Business Address: 200 LIBERTY STREETMAILZONE NY4ANEW YORK, NY 10281
CRD #: 13041
Effective Date: 11/19/2014
Description: APPLICANT MAINTAINS A FULLY DISCLOSED CLEARING AGREEMENTWITH NATIONAL FINANCIAL SERVICES LLC.
Name: PERSHING LLC
Business Address: ONE PERSHING PLAZAJERSEY CITY, NJ 07399
CRD #: 7560
Effective Date: 04/08/1994
Description: FULLY DISCLOSED CLEARING ARRANGEMENT WITH PERSHING,DIVISION OF DONALDSON, LUFKIN AND JENRETTE CORPORATION, ONEPERSHING PLAZA, JERSEY CITY, NJ, 07399.
Name: NATIONAL FINANCIAL SERVICES LLC
Business Address: 200 LIBERTY STREETMAILZONE NY4ANEW YORK, NY 10281
CRD #: 13041
21©2021 FINRA. All rights reserved. Report about WOODBURY FINANCIAL SERVICES, INC.
http://www.finra.org/brokercheckhttp://www.finra.org/brokercheck_reportshttp://www.finra.org
www.finra.org/brokercheck User Guidance
Firm Operations
Industry Arrangements (continued)
This firm does have customer accounts, funds, or securities maintained by a third party.
This firm does not have individuals who control its management or policies through agreement.
This firm does not have individuals who wholly or partly finance the firm's business.
Control Persons/Financing
Business Address: 200 LIBERTY STREETMAILZONE NY4ANEW YORK, NY 10281
Effective Date: 11/19/2014
Description: APPLICANT MAINTAINS A FULLY DISCLOSED CLEARING AGREEMENTWITH NATIONAL FINANCIAL SERVICES LLC.
Name: PERSHING LLC
Business Address: ONE PERSHING PLAZAJERSEY CITY, NJ 07399
CRD #: 7560
Effective Date: 04/08/1994
Description: FULLY DISCLOSED CLEARING ARRANGEMENT WITH PERSHING,DIVISION OF DONALDSON, LUFKIN AND JENRETTE CORPORATION, ONEPERSHING PLAZA, JERSEY CITY, NJ, 07399.
Name: NATIONAL FINANCIAL SERVICES LLC
Business Address: 200 LIBERTY STREETMAILZONE NY4ANEW YORK, NY 10281
CRD #: 13041
Effective Date: 11/19/2014
Description: APPLICANT MAINTAINS A FULLY DISCLOSED CLEARING AGREEMENTWITH NATIONAL FINANCIAL SERVICES LLC.
Name: PERSHING LLC
Business Address: ONE PERSHING PLAZAJERSEY CITY, NJ 07399
CRD #: 7560
Effective Date: 04/08/1994
Description: FULLY DISCLOSED CLEARING ARRANGEMENT WITH PERSHING,DIVISION OF DONALDSON, LUFKIN AND JENRETTE CORPORATION, ONEPERSHING PLAZA, JERSEY CITY, NJ, 07399.
22©2021 FINRA. All rights reserved. Report about WOODBURY FINANCIAL SERVICES, INC.
http://www.finra.org/brokercheckhttp://www.finra.org/brokercheck_reportshttp://www.finra.org
www.finra.org/brokercheck User Guidance
Firm Operations
Industry Arrangements (continued)
This firm does not have individuals who wholly or partly finance the firm's business.
23©2021 FINRA. All rights reserved. Report about WOODBURY FINANCIAL SERVICES, INC.
http://www.finra.org/brokercheckhttp://www.finra.org/brokercheck_reportshttp://www.finra.org
www.finra.org/brokercheck User Guidance
Firm Operations
Organization AffiliatesThis section provides information on control relationships the firm has with other firms in the securities, investmentadvisory, or banking business.
This firm is, directly or indirectly:
· in control of· controlled by· or under common control withthe following partnerships, corporations, or other organizations engaged in the securities or investmentadvisory business.
No
Yes
No
05/26/2020
522 MADISON AVENUE11TH FLNEW YORK, NY 10024
LADENBURG THALMANN FINANCIAL SERVICES, INC controls the firm.
LADENBURG THALMANN FINANCIAL SERVICES, INC. INDIRECTLYCONTROLS THE APPLICANT.
Description:
Investment AdvisoryActivities:
Securities Activities:
Country:
Foreign Entity:
Effective Date:
Business Address:
Yes
Yes
No
02/14/2020
5185 PEACHTREE PARKWAYSUITE 2801NORCROSS, GA 33092
25803
TRIAD ADVISORS LLC is under common control with the firm.
APPLICANT AND TRIAD ADVISORS LLC ARE UNDER COMMON CONTROL OFADVISOR GROUP HOLDINGS, INC.
Description:
Investment AdvisoryActivities:
Securities Activities:
Country:
Foreign Entity:
Effective Date:
Business Address:
CRD #:
24©2021 FINRA. All rights reserved. Report about WOODBURY FINANCIAL SERVICES, INC.
http://www.finra.org/brokercheckhttp://www.finra.org/brokercheck_reportshttp://www.finra.org
www.finra.org/brokercheck User Guidance
Firm Operations
Organization Affiliates (continued)
No
Yes
No
02/14/2020
520 MADISON AVENUE9TH FLNEW YORK, NY 10023
505
LADENBURG THALMANN & CO. INC. is under common control with the firm.
APPLICANT AND LADENBURG THALMANN & CO. ARE UNDER COMMONCONTROL OF ADVISOR GROUP HOLDINGS, INC.
Description:
Investment AdvisoryActivities:
Securities Activities:
Country:
Foreign Entity:
Effective Date:
Business Address:
CRD #:
No
Yes
No
02/14/2020
12325 PORT GRACE BLVDLA VISTA, NE 68128
10205
SECURITIES AMERICA, INC. is under common control with the firm.
APPLICANT AND SECURITIES AMERICA, INC ARE UNDER COMMONCONTROL OF ADVISOR GROUP HOLDINGS, INC.
Description:
Investment AdvisoryActivities:
Securities Activities:
Country:
Foreign Entity:
Effective Date:
Business Address:
CRD #:
No
02/14/2020
12325 PORT GRACE BLVDLA VISTA, NE 68128
110518
SECURITIES AMERICA ADVISORS, INC. is under common control with the firm.
Foreign Entity:
Effective Date:
Business Address:
CRD #:
25©2021 FINRA. All rights reserved. Report about WOODBURY FINANCIAL SERVICES, INC.
http://www.finra.org/brokercheckhttp://www.finra.org/brokercheck_reportshttp://www.finra.org
www.finra.org/brokercheck User Guidance
Firm Operations
Organization Affiliates (continued)
Yes
No
No
APPLICANT AND SECURITIES AMERICA ADVISORS INC, ARE UNDERCOMMON CONTROL OF ADVISOR GROUP HOLDINGS, INC.
Description:
Investment AdvisoryActivities:
Securities Activities:
Country:
Foreign Entity:
Yes
No
No
02/14/2020
522 MADISON AVENUE11TH FLNEW YORK, NY 10024
108604
LADENBURG THALMANN ASSET MANAGEMENT INC is under common control with the firm.
APPLICANT AND LADENBURG THALMANN ASSET MANAGEMENT, INC AREUNDER COMMON CONTROL OF ADVISOR GROUP HOLDINGS, INC.
Description:
Investment AdvisoryActivities:
Securities Activities:
Country:
Foreign Entity:
Effective Date:
Business Address:
CRD #:
No
Yes
No
02/14/2020
20 EAST THOMAS RDSUITE 2000PHOENIX, AZ 85012
AG ARTEMIS HOLDINGS GP LLC controls the firm.
RCP ARTEMIS CO-INVEST GP LLC INDIRECTLY CONTROLS THE APPLICANT.Description:
Investment AdvisoryActivities:
Securities Activities:
Country:
Foreign Entity:
Effective Date:
Business Address:
26©2021 FINRA. All rights reserved. Report about WOODBURY FINANCIAL SERVICES, INC.
http://www.finra.org/brokercheckhttp://www.finra.org/brokercheck_reportshttp://www.finra.org
www.finra.org/brokercheck User Guidance
Firm Operations
Organization Affiliates (continued)
Yes
No
No
02/14/2020
5155 PEACHTREE PARKWAYSUITE 3230NORCROSS, GA 33093
171070
TRIAD HYBRID SOLUTIONS, LLC is under common control with the firm.
APPLICANT AND TRIAD HYBRID SOLUTIONS, LLC ARE UNDER COMMONCONTROL OF ADVISOR GROUP HOLDINGS, INC.
Description:
Investment AdvisoryActivities:
Securities Activities:
Country:
Foreign Entity:
Effective Date:
Business Address:
CRD #:
Yes
No
No
02/14/2020
12325 PORT GRACE BLVDLA VISTA, NE 68128
165127
ARBOR POINT ADVISORS is under common control with the firm.
APPLICANT AND ARBOR POINT ADVISORS, LLC ARE UNDER COMMONCONTROL OF ADVISOR GROUP HOLDINGS, INC.
Description:
Investment AdvisoryActivities:
Securities Activities:
Country:
Foreign Entity:
Effective Date:
Business Address:
CRD #:
No
08/01/2019
20 EAST THOMAS ROADSUITE 2000PHOENIX, AZ 85012
AG PARENT CORPORATION controls the firm.
Country:
Foreign Entity:
Effective Date:
Business Address:
27©2021 FINRA. All rights reserved. Report about WOODBURY FINANCIAL SERVICES, INC.
http://www.finra.org/brokercheckhttp://www.finra.org/brokercheck_reportshttp://www.finra.org
www.finra.org/brokercheck User Guidance
Firm Operations
Organization Affiliates (continued)
No
Yes
AG PARENT CORPORATION INDIRECTLY CONTROLS THE APPLICANT.Description:
Investment AdvisoryActivities:
Securities Activities:
Country:
No
Yes
No
08/01/2019
20 EAST THOMAS ROADSUITE 2000PHOENIX, AZ 85012
AG INTERMEDIATE CORPORATION controls the firm.
AG INTERMEDIATE CORPORATION INDIRECTLY CONTROLS THEAPPLICANT.
Description:
Investment AdvisoryActivities:
Securities Activities:
Country:
Foreign Entity:
Effective Date:
Business Address:
No
Yes
No
08/01/2019
20 EAST THOMAS ROADSUITE 2000PHOENIX, AZ 85012
AG ARTEMIS HOLDINGS, L.P. controls the firm.
AG ARTEMIS HOLDINGS, L.P. INDERECTLY CONTROLS THE APPLICANT.Description:
Investment AdvisoryActivities:
Securities Activities:
Country:
Foreign Entity:
Effective Date:
Business Address:
UGLAND HOUSE, SOUTH CHURCH STREETP O. BOX 309GRAND CAYMAN, CAYMAN ISLANDS KY1-1104
RCP ARTEMIS CO-INVEST, L.P. controls the firm.
Business Address:
28©2021 FINRA. All rights reserved. Report about WOODBURY FINANCIAL SERVICES, INC.
http://www.finra.org/brokercheckhttp://www.finra.org/brokercheck_reportshttp://www.finra.org
www.finra.org/brokercheck User Guidance
Firm Operations
Organization Affiliates (continued)
Yes
No
CAYMAN ISLANDS
Yes
07/31/2019
UGLAND HOUSE, SOUTH CHURCH STREETP O. BOX 309GRAND CAYMAN, CAYMAN ISLANDS KY1-1104
RCP ARTEMIS CO-INVEST, L.P. INDERCTLY CONTROLS THE APPLICANT.Description:
Investment AdvisoryActivities:
Securities Activities:
Country:
Foreign Entity:
Effective Date:
Yes
No
No
10/12/2014
10 EXCHANGE PLACESUITE 1410JERSEY CITY, NJ 07302
154149
VISION2020 WEALTH MANAGEMENT CORP. is under common control with the firm.
THE APPLICANT AND THE AFFILIATE ARE UNDER COMMON CONTROL OFRCP ARTEMIS CO-INVEST, L.P.
Description:
Investment AdvisoryActivities:
Securities Activities:
Country:
Foreign Entity:
Effective Date:
Business Address:
CRD #:
Yes
Yes
No
01/01/2009
10 EXCHANGE PLACESUITE 1410JJERSEY CITY, NJ 07302
23131
ROYAL ALLIANCE ASSOCIATES, INC. is under common control with the firm.
Investment AdvisoryActivities:
Securities Activities:
Country:
Foreign Entity:
Effective Date:
Business Address:
CRD #:
29©2021 FINRA. All rights reserved. Report about WOODBURY FINANCIAL SERVICES, INC.
http://www.finra.org/brokercheckhttp://www.finra.org/brokercheck_reportshttp://www.finra.org
www.finra.org/brokercheck User Guidance
Firm Operations
Organization Affiliates (continued)
Yes
THE APPLICANT AND THE AFFILIATE ARE UNDER COMMON CONTROL OFRCP ARTEMIS CO-INVEST, L.P.
Description:
Investment AdvisoryActivities:
Yes
Yes
No
01/01/1999
2300 WINDY RIDGE PARKWAYSUITE 750NATLANTA, GA 30339
7461
FSC SECURITIES CORPORATION is under common control with the firm.
THE APPLICANT AND THE AFFILIATE ARE UNDER COMMON CONTROL OFRCP ARTEMIS CO-INVEST, L.P.
Description:
Investment AdvisoryActivities:
Securities Activities:
Country:
Foreign Entity:
Effective Date:
Business Address:
CRD #:
Yes
Yes
No
10/12/2014
20 EAST THOMAS ROADSUITE 2000PHOENIX, AZ 85012
133763
SAGEPOINT FINANCIAL, INC. is under common control with the firm.
THE APPLICANT AND THE AFFILIATE ARE UNDER COMMON CONTROL OFRCP ARTEMIS CO-INVEST, L.P.
Description:
Investment AdvisoryActivities:
Securities Activities:
Country:
Foreign Entity:
Effective Date:
Business Address:
CRD #:
This firm is not directly or indirectly, controlled by the following:
30©2021 FINRA. All rights reserved. Report about WOODBURY FINANCIAL SERVICES, INC.
http://www.finra.org/brokercheckhttp://www.finra.org/brokercheck_reportshttp://www.finra.org
www.finra.org/brokercheck User Guidance
Firm Operations
Organization Affiliates (continued)
· bank holding company· national bank· state member bank of the Federal Reserve System· state non-member bank· savings bank or association· credit union· or foreign bank
31©2021 FINRA. All rights reserved. Report about WOODBURY FINANCIAL SERVICES, INC.
http://www.finra.org/brokercheckhttp://www.finra.org/brokercheck_reportshttp://www.finra.org
www.finra.org/brokercheck User Guidance
Disclosure Events
All firms registered to sell securities or provide investment advice are required to disclose regulatory actions, criminal orcivil judicial proceedings, and certain financial matters in which the firm or one of its control affiliates has been involved.For your convenience, below is a matrix of the number and status of disclosure events involving this brokerage firm orone of its control affiliates. Further information regarding these events can be found in the subsequent pages of thisreport.
Final On AppealPending
Regulatory Event 0 21 0
Arbitration N/A 7 N/A
Bond N/A 1 N/A
32©2021 FINRA. All rights reserved. Report about WOODBURY FINANCIAL SERVICES, INC.
http://www.finra.org/brokercheckhttp://www.finra.org/brokercheck_reportshttp://www.finra.org
www.finra.org/brokercheck User Guidance
Disclosure Event Details
What you should know about reported disclosure events:
1. BrokerCheck provides details for any disclosure event that was reported in CRD. It also includessummary information regarding FINRA arbitration awards in cases where the brokerage firm wasnamed as a respondent.
2. Certain thresholds must be met before an event is reported to CRD, for example: o A law enforcement agency must file formal charges before a brokerage firm is required to disclose a
particular criminal event.3. Disclosure events in BrokerCheck reports come from different sources:
o Disclosure events for this brokerage firm were reported by the firm and/or regulators. When the firmand a regulator report information for the same event, both versions of the event will appear in theBrokerCheck report. The different versions will be separated by a solid line with the reporting sourcelabeled.
4. There are different statuses and dispositions for disclosure events: o A disclosure event may have a status of pending, on appeal, or final.
§ A "pending" event involves allegations that have not been proven or formally adjudicated.§ An event that is "on appeal" involves allegations that have been adjudicated but are currently
being appealed.§ A "final" event has been concluded and its resolution is not subject to change.
o A final event generally has a disposition of adjudicated, settled or otherwise resolved.§ An "adjudicated" matter includes a disposition by (1) a court of law in a criminal or civil matter,
or (2) an administrative panel in an action brought by a regulator that is contested by the partycharged with some alleged wrongdoing.
§ A "settled" matter generally involves an agreement by the parties to resolve the matter.Please note that firms may choose to settle customer disputes or regulatory matters forbusiness or other reasons.
§ A "resolved" matter usually involves no payment to the customer and no finding ofwrongdoing on the part of the individual broker. Such matters generally involve customerdisputes.
5. You may wish to contact the brokerage firm to obtain further information regarding any of thedisclosure events contained in this BrokerCheck report.
Regulatory - Final
This type of disclosure event involves (1) a final, formal proceeding initiated by a regulatory authority (e.g., a statesecurities agency, self-regulatory organization, federal regulator such as the U.S. Securities and Exchange Commission,foreign financial regulatory body) for a violation of investment-related rules or regulations; or (2) a revocation orsuspension of the authority of a brokerage firm or its control affiliate to act as an attorney, accountant or federalcontractor.
Disclosure 1 of 21
Reporting Source: Firm
Allegations: WOODBURY FINANCIAL SERVICES, INC. FAILED TO REPORT TO THESUPERINTENDENT OF THE NEW YORK DEPARTMENT OFFINANCIAL SERVICES WITHIN 30 DAYS OF THE FINAL DISPOSITION OF ANADMINISTRATIVE ACTION TAKEN BY THECALIFORNIA DEPARTMENT OF INSURANCE ON OR ABOUT DECEMBER 19,2018 AND WOODBURY PROVIDED MATERIALLYINCORRECT AND UNTRUE INFORMATION IN ITS APPLICATION FOR A LIFEBROKERS LICENSES RECEIVED BY THE NEW YORKDEPARTMENT OF FINANCIAL SERVICES ON MAY 29, 2019 IN THATWOODBURY FAILED TO DISCLOSURE CERTAIN MATTERSTHAT HAD BEEN REPORTED TO THE NATIONAL INSURANCE PRODUCERSREGISTRY IN THE APPLICATION.
Current Status: Final
33©2021 FINRA. All rights reserved. Report about WOODBURY FINANCIAL SERVICES, INC.
http://www.finra.org/brokercheckhttp://www.finra.org/brokercheck_reportshttp://www.finra.org
www.finra.org/brokercheck User Guidance
Initiated By: NEW YORK DEPARTMENT OF FINANCIAL SERVICES
Principal Sanction(s)/ReliefSought:
Civil and Administrative Penalt(ies) /Fine(s)
Other Sanction(s)/ReliefSought:
Date Initiated: 01/03/2020
Docket/Case Number: 2019-0193-S
Principal Product Type: No Product
Other Product Type(s):
Allegations: WOODBURY FINANCIAL SERVICES, INC. FAILED TO REPORT TO THESUPERINTENDENT OF THE NEW YORK DEPARTMENT OFFINANCIAL SERVICES WITHIN 30 DAYS OF THE FINAL DISPOSITION OF ANADMINISTRATIVE ACTION TAKEN BY THECALIFORNIA DEPARTMENT OF INSURANCE ON OR ABOUT DECEMBER 19,2018 AND WOODBURY PROVIDED MATERIALLYINCORRECT AND UNTRUE INFORMATION IN ITS APPLICATION FOR A LIFEBROKERS LICENSES RECEIVED BY THE NEW YORKDEPARTMENT OF FINANCIAL SERVICES ON MAY 29, 2019 IN THATWOODBURY FAILED TO DISCLOSURE CERTAIN MATTERSTHAT HAD BEEN REPORTED TO THE NATIONAL INSURANCE PRODUCERSREGISTRY IN THE APPLICATION.
Resolution Date: 01/10/2020
Resolution:
Other Sanctions Ordered:
Sanction Details: WOODBURY FINANCIAL SERVICES, INC. ENTERED A STIPULATION ONJANUARY 3, 2020 WITH THE NEW YORKDEPARTMENT OF FINANCIAL SERVICES AND PAID A FINE OF $4,500.
Firm Statement WOODBURY FINANCIAL SERVICES, INC. ENTERED INTO A STIPULATION ONJANUARY 3, 2020 WITH THE NEW YORKDEPARTMENT OF FINANCIAL SERVICES ADMITTING TO THE ALLEGATIONSALLEGED, PAID A FINE OF $4500 AND AGREED TOTAKE STEPS TO PREVENT THE RECURRENCE OF SIMILAR VIOLATIONS.
Sanctions Ordered: Monetary/Fine $4,500.00
Stipulation and Consent
Disclosure 2 of 21
i
Reporting Source: Regulator
34©2021 FINRA. All rights reserved. Report about WOODBURY FINANCIAL SERVICES, INC.
http://www.finra.org/brokercheckhttp://www.finra.org/brokercheck_reportshttp://www.finra.org
www.finra.org/brokercheck User Guidance
Initiated By: FINRA
Principal Sanction(s)/ReliefSought:
Other Sanction(s)/ReliefSought:
Date Initiated: 05/13/2019
Docket/Case Number: 2017053596502
Principal Product Type: No Product
Other Product Type(s):
Allegations: WITHOUT ADMITTING OR DENYING THE FINDINGS, THE FIRM CONSENTEDTO THE SANCTIONS AND TO THE ENTRY OF FINDINGS THAT ITS SYSTEMFOR SUPERVISING ADDITIONS TO EXISTING VARIABLE ANNUITIES WASNOT REASONABLY DESIGNED TO ACHIEVE COMPLIANCE WITHAPPLICABLE SECURITIES LAWS AND FINRA RULES, INCLUDING THOSEGOVERNING SUITABILITY. THE FINDINGS STATED THAT THE FIRM DID NOTREVIEW ADDITIONS RESULTING FROM RECOMMENDATIONS TO INVESTADDITIONAL FUNDS IN EXISTING VARIABLE ANNUITY CONTRACTS, EITHERBEFORE OR AFTER THE TRANSACTION, UNLESS THE ADDITION WASFUNDED FROM THE PROCEEDS OF AN EXCHANGE. THE FIRM ALSO DIDNOT USE SURVEILLANCE TOOLS, SUCH AS EXCEPTION REPORTS, TOMONITOR ADDITIONS TO VARIABLE ANNUITIES AND PROVIDE ITSELF WITHINFORMATION ABOUT POTENTIALLY UNSUITABLE TRANSACTIONS.NEITHER THE FIRM'S BRANCH AUDIT PROCESS NOR THE LARGECOMMISSION REVIEW PROCESS WERE REASONABLY DESIGNED TOPROVIDE SUFFICIENT INFORMATION ABOUT POTENTIALLY UNSUITABLEADDITIONS. ACCORDINGLY, THE FIRM'S SYSTEM FOR SUPERVISINGADDITIONS TO EXISTING VARIABLE ANNUITY CONTRACTS WAS NOTREASONABLY DESIGNED TO ACHIEVE COMPLIANCE WITH APPLICABLESECURITIES LAWS AND RULES, INCLUDING THOSE GOVERNINGSUITABILITY. AS DESIGNED, THE FIRM'S REVIEW SYSTEM DID NOTPROVIDE ITSELF WITH SUFFICIENT INFORMATION TO PERMIT IT TO FOCUSON AREAS OF VARIABLE ANNUITY ADDITIONS OR PATTERNS OFADDITIONS AT THE FIRM THAT POSED THE GREATEST NUMBERS ANDRISKS OF POTENTIAL SUITABILITY VIOLATIONS, INCLUDING ADDITIONSRESULTING IN CUSTOMERS INVESTING A HIGH CONCENTRATION OFTHEIR NET WORTH IN VARIABLE ANNUITIES.
Current Status: Final
Resolution Date: 05/13/2019
Resolution:
Does the order constitute afinal order based onviolations of any laws orregulations that prohibitfraudulent, manipulative, ordeceptive conduct?
No
Acceptance, Waiver & Consent(AWC)
35©2021 FINRA. All rights reserved. Report about WOODBURY FINANCIAL SERVICES, INC.
http://www.finra.org/brokercheckhttp://www.finra.org/brokercheck_reportshttp://www.finra.orghttps://www.finra.org/rules-guidance/oversight-enforcement/finra-disciplinary-actions?search=2017053596502
www.finra.org/brokercheck User Guidance
Other Sanctions Ordered:
Sanction Details: THE FIRM WAS CENSURED AND FINED $225,000. FINES PAID IN FULL ONMAY 29, 2019
Does the order constitute afinal order based onviolations of any laws orregulations that prohibitfraudulent, manipulative, ordeceptive conduct?
No
Sanctions Ordered: CensureMonetary/Fine $225,000.00
iReporting Source: Firm
Initiated By: FINRA
Principal Sanction(s)/ReliefSought:
Civil and Administrative Penalt(ies) /Fine(s)
Other Sanction(s)/ReliefSought:
CENSURE
Date Initiated: 05/13/2019
Docket/Case Number: 2017053596502
Principal Product Type: Annuity(ies) - Variable
Other Product Type(s):
Allegations: WITHOUT ADMITTING OR DENYING THE FINDINGS THE FIRM CONSENTEDTO THE SANCTIONS AND ENTRY OF FINDINGS THAT BETWEEN JUNE 2013AND JUNE 2015. THE FIRM'S SYSTEM FOR SUPERVISING ADDITIONALINVESTMENTS INTO EXISTING VARIABLE ANNUITIES, WHICH WERE NOTPROCEEDS FROM AN EXCHANGE WAS NOT REASONABLY DESIGNED TOREVIEW FOR SUITABILITY AND CONCENTRATION.
Current Status: Final
Resolution Date: 05/13/2019
Resolution:
Other Sanctions Ordered:
Sanction Details: THE $225,000 FINE WAS PAID IN FULL ON MAY 22,2019.
Sanctions Ordered: CensureMonetary/Fine $225,000.00
Acceptance, Waiver & Consent(AWC)
36©2021 FINRA. All rights reserved. Report about WOODBURY FINANCIAL SERVICES, INC.
http://www.finra.org/brokercheckhttp://www.finra.org/brokercheck_reportshttp://www.finra.orghttps://www.finra.org/rules-guidance/oversight-enforcement/finra-disciplinary-actions?search=2017053596502
www.finra.org/brokercheck User Guidance
Sanction Details: THE $225,000 FINE WAS PAID IN FULL ON MAY 22,2019.
Firm Statement BY JUNE 2015 THE FIRM IMPLEMENTED NEW SUPERVISORY SYSTEMPROCESSES AND SURVEILLANCE TOOLS TO ENHANCE ITS SUPERVISIONOF ADDITIONAL INVESTMENTS MADE INTO EXISTING VARIABLE ANNUITYCONTRACTS.
Disclosure 3 of 21
i
Reporting Source: Regulator
Initiated By: UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Principal Sanction(s)/ReliefSought:
Other
Other Sanction(s)/ReliefSought:
N/A
Date Initiated: 03/11/2019
Docket/Case Number: 3-19077
Principal Product Type: Mutual Fund(s)
Other Product Type(s):
Allegations: IA RELEASE 40-5174, MARCH 11, 2019: THE SECURITIES AND EXCHANGECOMMISSION DEEMS IT APPROPRIATE AND IN THE PUBLIC INTEREST THATPUBLIC ADMINISTRATIVE AND CEASE-AND-DESIST PROCEEDINGS BEINSTITUTED AGAINST WOODBURY FINANCIAL SERVICES, INC.("RESPONDENT"). ON THE BASIS OF THIS ORDER AND RESPONDENT'SOFFER, THE COMMISSION FINDS THAT THESE PROCEEDINGS ARISE OUTOF BREACHES OF FIDUCIARY DUTY AND INADEQUATE DISCLOSURES BYTHE RESPONDENT IN CONNECTION WITH ITS MUTUAL FUND SHARECLASS SELECTION PRACTICES AND THE FEES IT RECEIVED. AT TIMESDURING THE RELEVANT PERIOD, RESPONDENT PURCHASED,RECOMMENDED, OR HELD FOR ADVISORY CLIENTS MUTUAL FUND SHARECLASSES THAT CHARGED 12B-1 FEES INSTEAD OF LOWER-COST SHARECLASSES OF THE SAME FUNDS FOR WHICH THE CLIENTS WERE ELIGIBLE.RESPONDENT RECEIVED 12B-1 FEES IN CONNECTION WITH THESEINVESTMENTS. RESPONDENT FAILED TO DISCLOSE IN ITS FORM ADV OROTHERWISE THE CONFLICTS OF INTEREST RELATED TO (A) ITS RECEIPTOF 12B-1 FEES, AND/OR (B) ITS SELECTION OF MUTUAL FUND SHARECLASSES THAT PAY SUCH FEES. DURING THE RELEVANT PERIOD,RESPONDENT RECEIVED 12B-1 FEES FOR ADVISING CLIENTS TO INVESTIN OR HOLD SUCH MUTUAL FUND SHARE CLASSES. AS A RESULT OF THECONDUCT, RESPONDENT WILLFULLY VIOLATED SECTIONS 206(2) AND 207OF THE ADVISERS ACT.
Current Status: Final
37©2021 FINRA. All rights reserved. Report about WOODBURY FINANCIAL SERVICES, INC.
http://www.finra.org/brokercheckhttp://www.finra.org/brokercheck_reportshttp://www.finra.org
www.finra.org/brokercheck User Guidance
Other Sanction(s)/ReliefSought:
N/A
Resolution Date: 03/11/2019
Resolution:
Other Sanctions Ordered: UNDERTAKINGS AND PREJUDGMENT INTEREST
Sanction Details: THE RESPONDENT SHALL CEASE AND DESIST FROM COMMITTING ORCAUSING ANY VIOLATIONS AND ANY FUTURE VIOLATIONS OF SECTIONS206(2) AND 207 OF THE ADVISERS ACT. RESPONDENT IS CENSURED,SHALL PAY DISGORGEMENT OF $1,028,218.50 AND PREJUDGMENTINTEREST OF $142,809.81, AND SHALL COMPLY WITH THE UNDERTAKINGSENUMERATED IN THE OFFER OF SETTLEMENT.
Regulator Statement RESPONDENT HAS SUBMITTED AN OFFER OF SETTLEMENT WHICH THECOMMISSION HAS DETERMINED TO ACCEPT. IN VIEW OF THE FOREGOING,THE COMMISSION DEEMS IT APPROPRIATE IN THE PUBLIC INTEREST TOIMPOSE THE SANCTIONS AGREED TO IN THE RESPONDENT'S OFFER.
RESPONDENT SELF-REPORTED TO THE COMMISSION THE VIOLATIONSDISCUSSED IN THIS ORDER PURSUANT TO THE DIVISION OFENFORCEMENT'S SHARE CLASS SELECTION DISCLOSURE INITIATIVE("SCSD INITIATIVE"). ACCORDINGLY, THIS ORDER AND RESPONDENT'SOFFER ARE BASED ON THE INFORMATION SELF-REPORTED BYRESPONDENT.
Does the order constitute afinal order based onviolations of any laws orregulations that prohibitfraudulent, manipulative, ordeceptive conduct?
Yes
Sanctions Ordered: CensureDisgorgement/RestitutionCease and Desist/Injunction
Order
iReporting Source: Firm
Initiated By: SEC
Allegations: SELF REPORTED UNDER THE SEC SHARE CLASS SELECTIONDISCLOSURE INITIATIVE INVOLVING BREACH OF FIDUCIARY DUTYAND INADEQUATE DISCLOSURE IN CONNECTION WITH MUTUAL FUNDSHARE CLASS SELECTION PRACTICES AND FEESRECEIVED PURSUANT TO RULE 12B-1.
Current Status: Final
38©2021 FINRA. All rights reserved. Report about WOODBURY FINANCIAL SERVICES, INC.
http://www.finra.org/brokercheckhttp://www.finra.org/brokercheck_reportshttp://www.finra.org
www.finra.org/brokercheck User Guidance
Initiated By: SEC
Principal Sanction(s)/ReliefSought:
Cease and Desist
Other Sanction(s)/ReliefSought:
DISGORGEMENT
Date Initiated: 06/12/2018
Docket/Case Number: 3-19077
Principal Product Type: Mutual Fund(s)
Other Product Type(s):
Resolution Date: 03/11/2019
Resolution:
Other Sanctions Ordered:
Sanction Details: DISGORGEMENT AND PREJUDGMENT INTEREST, IN THE AMOUNT OF$1,171,082.31 SHALL BE PAID TO AFFECTED INVESTORS.
Firm Statement ALL VIOLATIONS OF SECTION 206(2) AND 207 OF THE ADVISERS ACT SHALLCEASE AND DESIST, DISGORGEMENT SHALL BEPAID AND CERTAIN CERTIFICATIONS SHALL BE MADE TO THE SECREGARDING COMPLETING THE PROCESS.
Sanctions Ordered: CensureDisgorgement/RestitutionCease and Desist/Injunction
Order
Disclosure 4 of 21
i
Reporting Source: Regulator
Allegations: WITHOUT ADMITTING OR DENYING THE FINDINGS, THE FIRM, AS ONE OFTHE RESPONDENTS WITH OTHER MEMBER FIRMS, CONSENTED TO THESANCTIONS AND TO THE ENTRY OF FINDINGS THAT THESE FIRMS EACHFAILED TO ESTABLISH, MAINTAIN AND ENFORCE A SUPERVISORY SYSTEMAND WRITTEN SUPERVISORY PROCEDURES (WSPS) REASONABLYDESIGNED TO SUPERVISE REPRESENTATIVES' SALE OF MULTI-SHARECLASS VARIABLE ANNUITIES (VAS). THE FINDINGS STATED THAT THEFIRMS' PROCEDURES DID NOT SPECIFICALLY ADDRESS THE SUITABILITYISSUES RELATED TO THE DIFFERENT SURRENDER PERIODS, FEES ANDCOSTS OF THE DIFFERENT VA SHARE CLASSES. SIMILARLY, THE FIRM'SPROCEDURES DID NOT SPECIFICALLY ADDRESS THE SUITABILITYCONCERNS RAISED BY THE SALE OF AN L-SHARE CONTRACT WHENCOMBINED WITH A LONG-TERM INCOME RIDER OR TO A CUSTOMER WITHA LONG-TERM INVESTMENT TIME HORIZON. THE FIRMS' WSPS ALSOFAILED TO ADDRESS WHEN ADDITIONAL SCRUTINY MAY BE WARRANTEDDURING THE REQUIRED PRINCIPAL REVIEW AND APPROVAL PROCESSBECAUSE OF SUITABILITY CONCERNS ABOUT THE VA SHARE CLASS THATWAS SELECTED FOR THE TRANSACTION. NEVERTHELESS, WOODBURY'SWSPS FAILED TO ADDRESS VA SHARE CLASSES AT ALL. THE RESPONDENTFIRMS ALSO FAILED TO PROVIDE SUFFICIENT TRAINING TO THEIRREGISTERED REPRESENTATIVES AND REVIEWING PRINCIPALS TOENSURE THAT THEY UNDERSTOOD THE MATERIAL FEATURES OF VAS.DESPITE THE SIGNIFICANT ROLE THAT VARIABLE ANNUITY SALES PLAYEDIN THE FIRMS' OVERALL BUSINESS, THEY FAILED TO IMPLEMENT ASUPERVISORY SYSTEM AND PROCEDURES REASONABLY DESIGNED TOENSURE SUITABILITY IN MULTI-SHARE CLASS VA SALES, INCLUDING L-SHARE CONTRACTS. AT EACH OF THE FIRMS, A SIGNIFICANT NUMBER OFTHE L-SHARE CONTRACTS WERE SOLD WITH LONG-TERM RIDERS. MANYOF THE CUSTOMERS PURCHASING L-SHARES INDICATED THEY HAD ALONG-TERM INVESTMENT HORIZON.
Current Status: Final
39©2021 FINRA. All rights reserved. Report about WOODBURY FINANCIAL SERVICES, INC.
http://www.finra.org/brokercheckhttp://www.finra.org/brokercheck_reportshttp://www.finra.org
www.finra.org/brokercheck User Guidance
Initiated By: FINRA
Principal Sanction(s)/ReliefSought:
Other Sanction(s)/ReliefSought:
Date Initiated: 07/24/2018
Docket/Case Number: 2016047636601
Principal Product Type: Other
Other Product Type(s): MULTI-SHARE CLASS VARIABLE ANNUITIES
WITHOUT ADMITTING OR DENYING THE FINDINGS, THE FIRM, AS ONE OFTHE RESPONDENTS WITH OTHER MEMBER FIRMS, CONSENTED TO THESANCTIONS AND TO THE ENTRY OF FINDINGS THAT THESE FIRMS EACHFAILED TO ESTABLISH, MAINTAIN AND ENFORCE A SUPERVISORY SYSTEMAND WRITTEN SUPERVISORY PROCEDURES (WSPS) REASONABLYDESIGNED TO SUPERVISE REPRESENTATIVES' SALE OF MULTI-SHARECLASS VARIABLE ANNUITIES (VAS). THE FINDINGS STATED THAT THEFIRMS' PROCEDURES DID NOT SPECIFICALLY ADDRESS THE SUITABILITYISSUES RELATED TO THE DIFFERENT SURRENDER PERIODS, FEES ANDCOSTS OF THE DIFFERENT VA SHARE CLASSES. SIMILARLY, THE FIRM'SPROCEDURES DID NOT SPECIFICALLY ADDRESS THE SUITABILITYCONCERNS RAISED BY THE SALE OF AN L-SHARE CONTRACT WHENCOMBINED WITH A LONG-TERM INCOME RIDER OR TO A CUSTOMER WITHA LONG-TERM INVESTMENT TIME HORIZON. THE FIRMS' WSPS ALSOFAILED TO ADDRESS WHEN ADDITIONAL SCRUTINY MAY BE WARRANTEDDURING THE REQUIRED PRINCIPAL REVIEW AND APPROVAL PROCESSBECAUSE OF SUITABILITY CONCERNS ABOUT THE VA SHARE CLASS THATWAS SELECTED FOR THE TRANSACTION. NEVERTHELESS, WOODBURY'SWSPS FAILED TO ADDRESS VA SHARE CLASSES AT ALL. THE RESPONDENTFIRMS ALSO FAILED TO PROVIDE SUFFICIENT TRAINING TO THEIRREGISTERED REPRESENTATIVES AND REVIEWING PRINCIPALS TOENSURE THAT THEY UNDERSTOOD THE MATERIAL FEATURES OF VAS.DESPITE THE SIGNIFICANT ROLE THAT VARIABLE ANNUITY SALES PLAYEDIN THE FIRMS' OVERALL BUSINESS, THEY FAILED TO IMPLEMENT ASUPERVISORY SYSTEM AND PROCEDURES REASONABLY DESIGNED TOENSURE SUITABILITY IN MULTI-SHARE CLASS VA SALES, INCLUDING L-SHARE CONTRACTS. AT EACH OF THE FIRMS, A SIGNIFICANT NUMBER OFTHE L-SHARE CONTRACTS WERE SOLD WITH LONG-TERM RIDERS. MANYOF THE CUSTOMERS PURCHASING L-SHARES INDICATED THEY HAD ALONG-TERM INVESTMENT HORIZON.
Resolution Date: 07/24/2018
Resolution:
Other Sanctions Ordered: UNDERTAKING
Does the order constitute afinal order based onviolations of any laws orregulations that prohibitfraudulent, manipulative, ordeceptive conduct?
No
Sanctions Ordered: CensureMonetary/Fine $250,000.00
Acceptance, Waiver & Consent(AWC)
40©2021 FINRA. All rights reserved. Report about WOODBURY FINANCIAL SERVICES, INC.
http://www.finra.org/brokercheckhttp://www.finra.org/brokercheck_reportshttp://www.finra.orghttps://www.finra.org/rules-guidance/oversight-enforcement/finra-disciplinary-actions?search=2016047636601
www.finra.org/brokercheck User Guidance
Sanction Details: THE FIRM WAS CENSURED, FINED $250,000 AND REQUIRED TO REVIEWAND REVISE, AS NECESSARY, ITS SYSTEMS, POLICIES AND PROCEDURES(WRITTEN AND OTHERWISE) AND TRAINING WITH RESPECT TO THE AREASDESCRIBED WITHIN THE AWC. THE FIRM SHALL CERTIFY TO FINRA THATTHAT IT HAS ENGAGED IN THE REVIEW AND AS OF THE DATE OF THECERTIFICATION, IT HAS ESTABLISHED AND IMPLEMENTED SYSTEMS,POLICIES, AND PROCEDURES (WRITTEN OR OTHERWISE) THAT AREREASONABLY DESIGNED TO ACHIEVE COMPLIANCE WITH THEAPPLICABLE FINRA AND NASD RULES. FINES PAID IN FULL ON AUGUST 7,2018.
iReporting Source: Firm
Initiated By: FINRA
Principal Sanction(s)/ReliefSought:
Other Sanction(s)/ReliefSought:
Date Initiated: 07/24/2018
Docket/Case Number: 2016047636601
Principal Product Type: Annuity(ies) - Variable
Other Product Type(s): MULTI-SHARE CLASS VARIABLE ANNUITIES
Allegations: WITHOUT ADMITTING OR DENYING THE FINDINGS, THE FIRM CONSENTEDTO THE ENTRY OF FINDINGS THAT IT FAILED TO ESTABLISH, MAINTAIN ANDENFORCE A SUPERVISORY SYSTEM AND WRITTEN SUPERVISORYPROCEDURES (WSPS) REASONABLY DESIGNED TO SUPERVISEREPRESENTATIVES' SALE OF MULTI-SHARE CLASS VARIABLE ANNUITIES(VAS). THE FIRM'S PROCEDURES FOR PRINCIPALS DID EXPLAIN BASICDIFFERENCES IN THE SURRENDER PERIOD FOR VA SHARE CLASSES, ANDNOTED THAT REVIEWING PRINCIPALS SHOULD ATTEMPT TO GET ARATIONALE ADDRESSING THE CUSTOMER'S DECISION TO PAY THEINCREASED ANNUAL FEE FOR AN L-SHARE CONTRACT. THE FIRM ALSOFAILED TO PROVIDE SUFFICIENT TRAINING TO THEIR REGISTEREDREPRESENTATIVES AND REVIEWING PRINCIPALS TO ENSURE THAT THEYUNDERSTOOD THE MATERIAL FEATURES OF VAS. THE FINDINGS ALSOSTATED THAT THE FIRM FAILED TO ESTABLISH AND MAINTAIN ASUPERVISORY SYSTEM AND PROCEDURES REASONABLY DESIGNED TOSUPERVISE VA EXCHANGES. MOREOVER, THE FIRM'S WSPS DID NOTINCLUDE ANY "SURVEILLANCE PROCEDURES" DESIGNED TO DETERMINEIF REPRESENTATIVES HAD PROBLEMATIC RATES OF VA EXCHANGES.
Current Status: Final
41©2021 FINRA. All rights reserved. Report about WOODBURY FINANCIAL SERVICES, INC.
http://www.finra.org/brokercheckhttp://www.finra.org/brokercheck_reportshttp://www.finra.orghttps://www.finra.org/rules-guidance/oversight-enforcement/finra-disciplinary-actions?search=2016047636601
www.finra.org/brokercheck User Guidance
Other Sanction(s)/ReliefSought:
Resolution Date: 07/24/2018
Resolution:
Other Sanctions Ordered: UNDERTAKING
Sanction Details: THE FIRM WAS CENSURED, FINED $250,000.00 AND REQUIRED TO REVIEWAND REVISE, AS NECESSARY, ITS SYSTEMS, POLICIES AND PROCEDURESAND TRAINING WITH RESPECT TO THE AREAS DESCRIBED WITHIN THEAWC. THE FIRM WILL CERTIFY TO FINRA THAT THAT IT HAS ENGAGED INTHE REVIEW AND HAS ESTABLISHED AND IMPLEMENTED SYSTEMS,POLICIES, AND PROCEDURES THAT ARE REASONABLY DESIGNED TOACHIEVE COMPLIANCE WITH THE APPLICABLE FINRA AND NASD RULES.
Sanctions Ordered: CensureMonetary/Fine $250,000.00
Acceptance, Waiver & Consent(AWC)
Disclosure 5 of 21
i
Reporting Source: Regulator
Allegations: WITHOUT ADMITTING OR DENYING THE FINDINGS, THE FIRM CONSENTEDTO THE SANCTIONS AND TO THE ENTRY OF FINDINGS THAT ITDISADVANTAGED CERTAIN RETIREMENT PLAN AND CHARITABLEORGANIZATION CUSTOMERS THAT WERE ELIGIBLE TO PURCHASE CLASSA SHARES IN CERTAIN MUTUAL FUNDS WITHOUT A FRONT-END SALESCHARGE. THE FINDINGS STATED THAT NOTWITHSTANDING THEAVAILABILITY OF THE WAIVERS, THE FIRM FAILED TO APPLY THE WAIVERSTO MUTUAL FUND PURCHASES MADE BY ELIGIBLE CUSTOMERS ANDINSTEAD SOLD THESE ELIGIBLE CUSTOMERS CLASS A SHARES WITH AFRONT-END SALES CHARGE OR CLASS B OR C SHARES WITH BACK-ENDSALES CHARGES AND HIGHER ONGOING FEES AND EXPENSES. THESESALES DISADVANTAGED ELIGIBLE CUSTOMERS BY CAUSING THECUSTOMERS TO PAY HIGHER FEES THAN THEY WERE ACTUALLYREQUIRED TO PAY. THE FINDINGS ALSO STATED THAT THE FIRM FAILED TOSUPERVISE REASONABLY THE APPLICATION OF SALES-CHARGE WAIVERSTO ELIGIBLE MUTUAL FUND SALES. THE FIRM RELIED ON ITS FINANCIALADVISORS TO DETERMINE THE APPLICABILITY OF SALES-CHARGEWAIVERS BUT FAILED TO MAINTAIN ADEQUATE WRITTEN POLICIES ORPROCEDURES TO ASSIST FINANCIAL ADVISORS IN MAKING THISDETERMINATION. FOR INSTANCE, THE FIRM FAILED TO ESTABLISH ANDMAINTAIN WRITTEN PROCEDURES TO IDENTIFY APPLICABLE SALESCHARGE WAIVERS IN FUND PROSPECTUSES FOR ELIGIBLE CUSTOMERS.IN ADDITION, THE FIRM FAILED TO ADEQUATELY NOTIFY AND TRAIN ITSFINANCIAL ADVISORS REGARDING THE AVAILABILITY OF MUTUAL FUNDSALES-CHARGE WAIVERS FOR ELIGIBLE CUSTOMERS. THE FIRM ALSOFAILED TO ADOPT ADEQUATE CONTROLS TO DETECT INSTANCES INWHICH THEY DID NOT PROVIDE SALES-CHARGE WAIVERS TO ELIGIBLECUSTOMERS IN CONNECTION WITH THEIR MUTUAL FUND PURCHASES.BECAUSE OF THE FIRM'S FAILURE TO APPLY AVAILABLE SALES-CHARGEWAIVERS, THE FIRM ESTIMATES THAT IT OVERCHARGED ELIGIBLECUSTOMERS BY APPROXIMATELY $114,063 FOR MUTUAL FUNDPURCHASES MADE SINCE JANUARY 1, 2011.
Current Status: Final
42©2021 FINRA. All rights reserved. Report about WOODBURY FINANCIAL SERVICES, INC.
http://www.finra.org/brokercheckhttp://www.finra.org/brokercheck_reportshttp://www.finra.org
www.finra.org/brokercheck User Guidance
Initiated By: FINRA
Principal Sanction(s)/ReliefSought:
Other Sanction(s)/ReliefSought:
Date Initiated: 12/20/2017
Docket/Case Number: 2016049976501
Principal Product Type: Mutual Fund(s)
Other Product Type(s):
WITHOUT ADMITTING OR DENYING THE FINDINGS, THE FIRM CONSENTEDTO THE SANCTIONS AND TO THE ENTRY OF FINDINGS THAT ITDISADVANTAGED CERTAIN RETIREMENT PLAN AND CHARITABLEORGANIZATION CUSTOMERS THAT WERE ELIGIBLE TO PURCHASE CLASSA SHARES IN CERTAIN MUTUAL FUNDS WITHOUT A FRONT-END SALESCHARGE. THE FINDINGS STATED THAT NOTWITHSTANDING THEAVAILABILITY OF THE WAIVERS, THE FIRM FAILED TO APPLY THE WAIVERSTO MUTUAL FUND PURCHASES MADE BY ELIGIBLE CUSTOMERS ANDINSTEAD SOLD THESE ELIGIBLE CUSTOMERS CLASS A SHARES WITH AFRONT-END SALES CHARGE OR CLASS B OR C SHARES WITH BACK-ENDSALES CHARGES AND HIGHER ONGOING FEES AND EXPENSES. THESESALES DISADVANTAGED ELIGIBLE CUSTOMERS BY CAUSING THECUSTOMERS TO PAY HIGHER FEES THAN THEY WERE ACTUALLYREQUIRED TO PAY. THE FINDINGS ALSO STATED THAT THE FIRM FAILED TOSUPERVISE REASONABLY THE APPLICATION OF SALES-CHARGE WAIVERSTO ELIGIBLE MUTUAL FUND SALES. THE FIRM RELIED ON ITS FINANCIALADVISORS TO DETERMINE THE APPLICABILITY OF SALES-CHARGEWAIVERS BUT FAILED TO MAINTAIN ADEQUATE WRITTEN POLICIES ORPROCEDURES TO ASSIST FINANCIAL ADVISORS IN MAKING THISDETERMINATION. FOR INSTANCE, THE FIRM FAILED TO ESTABLISH ANDMAINTAIN WRITTEN PROCEDURES TO IDENTIFY APPLICABLE SALESCHARGE WAIVERS IN FUND PROSPECTUSES FOR ELIGIBLE CUSTOMERS.IN ADDITION, THE FIRM FAILED TO ADEQUATELY NOTIFY AND TRAIN ITSFINANCIAL ADVISORS REGARDING THE AVAILABILITY OF MUTUAL FUNDSALES-CHARGE WAIVERS FOR ELIGIBLE CUSTOMERS. THE FIRM ALSOFAILED TO ADOPT ADEQUATE CONTROLS TO DETECT INSTANCES INWHICH THEY DID NOT PROVIDE SALES-CHARGE WAIVERS TO ELIGIBLECUSTOMERS IN CONNECTION WITH THEIR MUTUAL FUND PURCHASES.BECAUSE OF THE FIRM'S FAILURE TO APPLY AVAILABLE SALES-CHARGEWAIVERS, THE FIRM ESTIMATES THAT IT OVERCHARGED ELIGIBLECUSTOMERS BY APPROXIMATELY $114,063 FOR MUTUAL FUNDPURCHASES MADE SINCE JANUARY 1, 2011.
Resolution Date: 12/20/2017
Resolution:
Other Sanctions Ordered: UNDERTAKING
Sanction Details: THE FIRM WAS CENSURED, FINED $75,000, AND REQUIRED TO PROVIDE AREMEDIATION PLAN TO FINRA TO REMEDIATE ELIGIBLE CUSTOMERS WHOQUALIFIED FOR, BUT DID NOT RECEIVE, AN APPLICABLE MUTUAL FUNDSALES-CHARGE WAIVER. AS PART OF THIS SETTLEMENT, THE FIRMAGREED TO PAY RESTITUTION TO ELIGIBLE CUSTOMERS, ESTIMATED TOTOTAL $128,583 (THE AMOUNT IT OVERCHARGED ELIGIBLE CUSTOMERS,INCLUSIVE OF INTEREST). FINES PAID IN FULL ON JANUARY 8, 2018.
Does the order constitute afinal order based onviolations of any laws orregulations that prohibitfraudulent, manipulative, ordeceptive conduct?
No
Sanctions Ordered: CensureMonetary/Fine $75,000.00
Acceptance, Waiver & Consent(AWC)
43©2021 FINRA. All rights reserved. Report about WOODBURY FINANCIAL SERVICES, INC.
http://www.finra.org/brokercheckhttp://www.finra.org/brokercheck_reportshttp://www.finra.orghttps://www.finra.org/rules-guidance/oversight-enforcement/finra-disciplinary-actions?search=2016049976501
www.finra.org/brokercheck User Guidance
iReporting Source: Firm
Initiated By: FINRA
Principal Sanction(s)/ReliefSought:
Civil and Administrative Penalt(ies) /Fine(s)
Other Sanction(s)/ReliefSought:
CENSURERESTITUTIONUNDERTAKING
Date Initiated: 12/20/2017
Docket/Case Number: 2016049976501
Principal Product Type: Money Market Fund(s)
Other Product Type(s):
Allegations: WITHOUT ADMITTING OR DENYING THE FINDINGS, THE FIRM CONSENTEDTO THE ENTRY OF FINDINGS THAT IT DISADVANTAGED CERTAINRETIREMENT PLAN AND CHARITABLE ORGANIZATION CUSTOMERS THATWERE ELIGIBLE TO PURCHASE CLASS A SHARES IN CERTAIN MUTUALFUNDS WITHOUT A FRONT-END SALES CHARGE. THE FINDINGS ALSOSTATED THAT THE FIRM FAILED TO SUPERVISE REASONABLY THEAPPLICATION OF SALES-CHARGE WAIVERS TO ELIGIBLE MUTUAL FUNDSALES. THE FIRM RELIED ON ITS FINANCIAL ADVISORS TO DETERMINETHE APPLICABILITY OF SALES- CHARGE WAIVERS BUT DID NOT MAINTAINADEQUATE WRITTEN POLICIES OR PROCEDURES TO ASSIST FINANCIALADVISORS IN MAKING THIS DETERMINATION. IN ADDITION, THE FIRMFAILED TO ADEQUATELY NOTIFY AND TRAIN ITS FINANCIAL ADVISORSREGARDING THE AVAILABILITY OF MUTUAL FUND SALES-CHARGEWAIVERS FOR ELIGIBLE CUSTOMERS. THE FIRM ALSO FAILED TO ADOPTADEQUATE CONTROLS TO DETECT INSTANCES IN WHICH THEY DID NOTPROVIDE SALES-CHARGE WAIVERS TO ELIGIBLE CUSTOMERS INCONNECTION WITH THEIR MUTUAL FUND PURCHASES..
Current Status: Final
Resolution Date: 12/20/2017
Resolution:
Other Sanctions Ordered:
Sanction Details: THE FIRM AGREED TO A CENSURE AND A FINE OF $75,000.00. IT FURTHERAGREED TO PROVIDE A REMEDIATION PLAN TO FINRA TO REMEDIATEELIGIBLE CUSTOMERS WHO QUALIFIED FOR, BUT DID NOT RECEIVE, ANAPPLICABLE MUTUAL FUND SALES-CHARGE WAIVER. AS PART OF THISSETTLEMENT, THE FIRM AGREED TO PAY RESTITUTION TO ELIGIBLECUSTOMERS ESTIMATED TO TOTAL $128,583.
Sanctions Ordered: CensureMonetary/Fine $75,000.00Disgorgement/Restitution
Acceptance, Waiver & Consent(AWC)
44©2021 FINRA. All rights reserved. Report about WOODBURY FINANCIAL SERVICES, INC.
http://www.finra.org/brokercheckhttp://www.finra.org/brokercheck_reportshttp://www.finra.orghttps://www.finra.org/rules-guidance/oversight-enforcement/finra-disciplinary-actions?search=2016049976501
www.finra.org/brokercheck User Guidance
Sanction Details: THE FIRM AGREED TO A CENSURE AND A FINE OF $75,000.00. IT FURTHERAGREED TO PROVIDE A REMEDIATION PLAN TO FINRA TO REMEDIATEELIGIBLE CUSTOMERS WHO QUALIFIED FOR, BUT DID NOT RECEIVE, ANAPPLICABLE MUTUAL FUND SALES-CHARGE WAIVER. AS PART OF THISSETTLEMENT, THE FIRM AGREED TO PAY RESTITUTION TO ELIGIBLECUSTOMERS ESTIMATED TO TOTAL $128,583.
Firm Statement THE FIRM AGREED TO A CENSURE AND A FINE OF $75,000.00. IT FURTHERAGREED TO PROVIDE A REMEDIATION PLAN TO FINRA TO REMEDIATEELIGIBLE CUSTOMERS WHO QUALIFIED FOR, BUT DID NOT RECEIVE, ANAPPLICABLE MUTUAL FUND SALES-CHARGE WAIVER. AS PART OF THISSETTLEMENT, THE FIRM AGREED TO PAY RESTITUTION TO ELIGIBLECUSTOMERS ESTIMATED TO TOTAL $128,583.
Disclosure 6 of 21
i
Reporting Source: Regulator
Initiated By: FINRA
Principal Sanction(s)/ReliefSought:
Other Sanction(s)/ReliefSought:
Date Initiated: 05/03/2017
Docket/Case Number: 2016049751001
Principal Product Type: Other
Other Product Type(s): UNSPECIFIED SECURITIES
Allegations: WITHOUT ADMITTING OR DENYING THE FINDINGS THE FIRM CONSENTEDTO THE SANCTIONS AND TO THE ENTRY OF FINDINGS THAT IT APPLIED ANINACCURATE ACCOUNTING AND NET CAPITAL TREATMENT OFINVESTMENT ADVISORY FEES. THE FINDINGS STATED THAT THE FIRMFAILED TO PREPARE AND MAINTAIN ACCURATE FINANCIAL RECORDS,INCLUDING GENERAL LEDGERS, BALANCE SHEETS AND TRIAL BALANCES,AND NET CAPITAL COMPUTATIONS. THE FIRM ALSO FILED INACCURATEMONTHLY FOCUS REPORTS CORRESPONDING TO THESE MONTHLYREPORTING PERIODS.
Current Status: Final
Resolution Date: 05/03/2017
Resolution:
Does the order constitute afinal order based onviolations of any laws orregulations that prohibitfraudulent, manipulative, ordeceptive conduct?
No
Acceptance, Waiver & Consent(AWC)
45©2021 FINRA. All rights reserved. Report about WOODBURY FINANCIAL SERVICES, INC.
http://www.finra.org/brokercheckhttp://www.finra.org/brokercheck_reportshttp://www.finra.orghttps://www.finra.org/rules-guidance/oversight-enforcement/finra-disciplinary-actions?search=2016049751001
www.finra.org/brokercheck User Guidance
Other Sanctions Ordered:
Sanction Details: THE FIRM IS CENSURED AND FINED $65,000. FINES PAID IN FULL ON MAY16, 2017.
Regulator Statement IN DETERMINING THE APPROPRIATE SANCTIONS IN THIS MATTER, FINRACONSIDERED THE FIRM'S SELF-REPORTING OF THE CONDUCT, THEFIRM'S RETENTION OF A NEW FINANCIAL AND OPERATIONS PRINCIPAL(FINOP), AND CERTAIN SUBSEQUENT REMEDIAL MEASURES, INCLUDINGTHAT THE FIRM FILED A SATISFACTORY SUBORDINATED LOANAGREEMENT WITH FINRA THE DAY AFTER FINRA NOTIFIED THE FIRM THATTHEIR PRIOR ACCOUNTING TREATMENT WAS INCORRECT.
Does the order constitute afinal order based onviolations of any laws orregulations that prohibitfraudulent, manipulative, ordeceptive conduct?
No
Sanctions Ordered: CensureMonetary/Fine $65,000.00
iReporting Source: Firm
Initiated By: FINRA
Principal Sanction(s)/ReliefSought:
Other Sanction(s)/ReliefSought:
Date Initiated: 05/03/2017
Docket/Case Number: 2016049751001
Principal Product Type: Other
Other Product Type(s): UNSPECIFIED SECURITIES
Allegations: WITHOUT ADMITTING OR DENYING THE FINDINGS, THE FIRMCONSENTED TO THE SANCTIONS AND TO THE ENTRY OF FINDINGS THATIT APPLIED AN INACCURATE ACCOUNTING AND NET CAPITAL TREATMENTOF INVESTMENT ADVISORY FEES.
THE FINDINGS STATED THAT THE FIRM FAILED TO PREPARE AND MAINTAINACCURATE FINANCIAL RECORDS, INCLUDING GENERAL LEDGERS,BALANCE SHEETS AND TRIAL BALANCES, AND NET CAPITALCOMPUTATIONS. THE FIRM ALSO FILED INACCURATE MONTHLY FOCUSREPORTS CORRESPONDING TO THESE MONTHLY REPORTING PERIODS.
Current Status: Final
46©2021 FINRA. All rights reserved. Report about WOODBURY FINANCIAL SERVICES, INC.
http://www.finra.org/brokercheckhttp://www.finra.org/brokercheck_reportshttp://www.finra.orghttps://www.finra.org/rules-guidance/oversight-enforcement/finra-disciplinary-actions?search=2016049751001
www.finra.org/brokercheck User Guidance
Other Sanction(s)/ReliefSought:
Resolution Date: 05/03/2017
Resolution:
Other Sanctions Ordered:
Sanction Details: THE FIRM WAS CENSURED AND FINED.
Firm Statement IN DETERMINING THE APPROPRIATE SANCTIONS IN THIS MATTER, FINRACONSIDERED THE FIRM'S PROMPT SELF-REPORTING OF THE CONDUCT,THE FIRM'S RETENTION OF A NEW FINANCIAL AND OPERATIONS PRICIPAL(FINOP) AND CERTAIN SUBSEQUENT REMEDIAL MEASURES, INCLUDINGTHAT THE FIRM FILED A SATISFACTORY SUBORDINATED LOANAGREEMENT WITH FINRA THE DAY AFTER FINRA NOTIFIED THE FIRM THATTHEIR PRIOR ACCOUNTING TREATMENT WAS INCORRECT.
Sanctions Ordered: CensureMonetary/Fine $65,000.00
Acceptance, Waiver & Consent(AWC)
Disclosure 7 of 21
i
Reporting Source: Regulator
Initiated By: FINRA
Principal Sanction(s)/ReliefSought:
Other
Date Initiated: 11/24/2015
Docket/Case Number: 2014041842001
Principal Product Type: Unit Investment Trust(s)
Other Product Type(s):
Allegations: WITHOUT ADMITTING OR DENYING THE FINDINGS, THE FIRM CONSENTEDTO THE SANCTIONS AND TO THE ENTRY OF FINDINGS THAT IT FAILED TOIDENTIFY AND APPLY SALES CHARGE DISCOUNTS TO CERTAINCUSTOMERS' ELIGIBLE PURCHASES OF UNIT INVESTMENT TRUSTS (UITS)RESULTING IN CUSTOMERS PAYING EXCESSIVE SALES CHARGES OFAPPROXIMATELY 98,937.31. THE FINDINGS STATED THAT THE FIRM HASPAID RESTITUTION TO ALL AFFECTED CUSTOMERS. THE FINDINGS ALSOSTATED THAT THE FIRM FAILED TO ESTABLISH, MAINTAIN AND ENFORCE ASUPERVISORY SYSTEM AND WSPS REASONABLY DESIGNED TO ENSURETHAT CUSTOMERS RECEIVED SALES CHARGE DISCOUNTS ON ALLELIGIBLE UIT PURCHASES.
Current Status: Final
47©2021 FINRA. All rights reserved. Report about WOODBURY FINANCIAL SERVICES, INC.
http://www.finra.org/brokercheckhttp://www.finra.org/brokercheck_reportshttp://www.finra.orghttps://www.finra.org/rules-guidance/oversight-enforcement/finra-disciplinary-actions?search=2014041842001
www.finra.org/brokercheck User Guidance
Principal Sanction(s)/ReliefSought:
Other
Other Sanction(s)/ReliefSought:
N/A
Resolution Date: 11/24/2015
Resolution:
Other Sanctions Ordered: REQUIRED TO SUBMIT SATISFACTORY PROOF OF PAYMENT OFRESTITUTION.
Sanction Details: THE FIRM WAS CENSURED, FINED $100,000, AND REQUIRED TO SUBMITSATISFACTORY PROOF OF PAYMENT OF RESTITUTION TO AFFECTEDCUSTOMERS, OR OF REASONABLE AND DOCUMENTED EFFORTSUNDERTAKEN TO EFFECT RESTITUTION.FINE PAID IN FULL ON DECEMBER 16, 2015.
Does the order constitute afinal order based onviolations of any laws orregulations that prohibitfraudulent, manipulative, ordeceptive conduct?
No
Sanctions Ordered: CensureMonetary/Fine $100,000.00
Acceptance, Waiver & Consent(AWC)
iReporting Source: Firm
Initiated By: FINRA
Date Initiated: 11/24/2015
Docket/Case Number: 2014041842001
Allegations: WITHOUT ADMITTING OR DENYING THE FINDINGS, THE FIRM CONSENTEDTO THE SANCTIONS AND TO THE ENTRY OF FINDINGS THAT IT FAILED TOIDENTIFY AND APPLY SALES CHARGE DISCOUNTS TO CERTAINCUSTOMERS' ELIGIBLE PURCHASES OF UNIT INVESTMENT TRUSTS (UITS)RESULTING IN CUSTOMERS PAYING EXCESSIVE SALES CHARGES OFAPPROXIMATELY $98,937.31. THE FINDINGS STATED THAT THE FIRM HASPAID RESTITUTION TO ALL AFFECTED CUSTOMERS. THE FINDINGS ALSOSTATED THAT THEFIRM FAILED TO ESTABLISH, MAINTAIN AND ENFORCE A SUPERVISORYSYSTEM AND WSPS REASONABLY DESIGNED TO ENSURE THATCUSTOMERS RECEIVED SALES CHARGE DISCOUNTS ON ALL ELIGIBLE UITPURCHASES.
Current Status: Final
48©2021 FINRA. All rights reserved. Report about WOODBURY FINANCIAL SERVICES, INC.
http://www.finra.org/brokercheckhttp://www.finra.org/brokercheck_reportshttp://www.finra.orghttps://www.finra.org/rules-guidance/oversight-enforcement/finra-disciplinary-actions?search=2014041842001
www.finra.org/brokercheck User Guidance
Principal Sanction(s)/ReliefSought:
Civil and Administrative Penalt(ies) /Fine(s)
Other Sanction(s)/ReliefSought:
CENSURE
Docket/Case Number: 2014041842001
Principal Product Type: Unit Investment Trust(s)
Other Product Type(s):
Resolution Date: 11/24/2015
Resolution:
Other Sanctions Ordered:
Sanction Details: THE FINE WAS PAID ON 12/16/2015.
Firm Statement THE FIRM HAS ENHANCED ITS POLICIES AND PROCEDURES RELATED TOIDENTIFYING AND APPLYING SALES CHARGE DISCOUNTS FOR ALLELIGIBLE PURCHASES OF UITS. THE FIRM HAS PAID RESTITUTION TOAFFECTED CUSTOMERS FOR APPROXIMATELY $98,937.31. FINALLY, THEFIRM WIRED PAYMENTS OF THE $100,000 FINE ON DECEMBER 16, 2015.
Sanctions Ordered: CensureMonetary/Fine $100,000.00
Acceptance, Waiver & Consent(AWC)
Disclosure 8 of 21
i
Reporting Source: Firm
Initiated By: NEW YORK DEPARTMENT OF FINANCIAL SERVICES
Principal Sanction(s)/ReliefSought:
Civil and Administrative Penalt(ies) /Fine(s)
Date Initiated: 05/29/2015
Docket/Case Number: 2015-0055-S
Principal Product Type: No Product
Other Product Type(s):
Allegations: FOR REGULATORY ACTIONS THAT OCCURRED BETWEEN DECEMBER 2008AND OCTOBER 2012, THE DEPARTMENT ALLEGED THAT THE FIRM FAILEDTO DISCLOSE ITS REGULATORY ACTIONS WITHIN 30 DAYS OF FINALDISPOSITION AND THAT THE FIRM FAILED TO ACCURATELY REFLECTTHOSE MATTERS ON ITS LICENSE RENEWAL APPLICATIONS.
Current Status: Final
49©2021 FINRA. All rights reserved. Report about WOODBURY FINANCIAL SERVICES, INC.
http://www.finra.org/brokercheckhttp://www.finra.org/brokercheck_reportshttp://www.finra.orghttps://www.finra.org/rules-guidance/oversight-enforcement/finra-disciplinary-actions?search=2014041842001
www.finra.org/brokercheck User Guidance
Other Sanction(s)/ReliefSought:
Resolution Date: 06/08/2015
Resolution:
Other Sanctions Ordered:
Sanction Details: MONETARY FINE $5,000
Firm Statement THE FIRM HAS ENHANCED ITS POLICIES AND PROCEDURES FOR THEDISCLOSURE OF REGULATORY ACTIONS IN ITS LICENSE RENEWALAPPLICATION PROCESS. FURTHER, PURSANT TO THE SITPULATIONORDER, THE FIRM WIRED PAYMENT ON MAY 12,2015.
Sanctions Ordered: Monetary/Fine $5,000.00
Stipulation and Consent
Disclosure 9 of 21
i
Reporting Source: Regulator
Initiated By: MISSOURI
Principal Sanction(s)/ReliefSought:
Censure
Other Sanction(s)/ReliefSought:
MONETARY PAYMENT TO MO SECRETARY OF STATE'S INVESTOREDUCTATION AND PROTECTION FUND; COSTS
Date Initiated: 06/25/2014
Docket/Case Number: AP-14-08
URL for Regulatory Action:
Principal Product Type: No Product
Other Product Type(s):
Allegations: VIOLATION OF SECTION 409.4-412, RSMO. (CUM. SUPP. 2012) BY FAILINGTO SUPERVISE REGISTERED AGENT GOULD'S ACTIVITIES IN VIOLATION OFSECTION 409.4-412(D)(13), RSMO. (CUM. SUPP. 2012).
Current Status: Final
Resolution Date: 06/25/2014
Resolution:
Does the order constitute afinal order based onviolations of any laws orregulations that prohibitfraudulent, manipulative, ordeceptive conduct?
No
Consent
50©2021 FINRA. All rights reserved. Report about WOODBURY FINANCIAL SERVICES, INC.
http://www.finra.org/brokercheckhttp://www.finra.org/brokercheck_reportshttp://www.finra.org
www.finra.org/brokercheck User Guidance
Other Sanctions Ordered: COSTS TOTALING 20,000.00
Sanction Details: PAYMENT OF MONETARY PENALTY TO INVESTOR EDUCATION ANDPROTECTION FUND
Regulator Statement WOODBURY REPRESENT