Erez Law is currently investigating former Woodbury Financial Services, Inc. broker Robert Hoffman (CRD# 4008798) regarding unauthorized trades, churning and unsuitable investment recommendations. Hoffman was registered with Thurston, Springer, Miller, Herd & Titak, Inc. in Indianapolis, Indiana from April to May 2017. Previously, he was registered with Woodbury Financial Services, Inc. in Greenwood, Indiana from 2006 to 2017.
In January 2018, Hoffman was barred by the Indiana Securities Division.
In November 2017, FINRA barred Hoffman after he consented to the sanction and to the entry of findings that he refused to appear for FINRA-requested on-the-record testimony in connection with an investigation into allegations by a customer concerning, among other things, potential unsuitable recommendations, unauthorized transactions, excessive trading, and private securities transactions.
In September 2017, Hoffman was suspended for three months and sanctioned to a $5,000 civil and administrative penalty and fine after he consented to the sanctions and to the entry of findings that he willfully failed to amend his Form U4 to timely disclose an unsatisfied Internal Revenue Service (IRS) tax lien filed against him.
Hoffman has been the subject of four customer complaints between 2014 and 2017, according to his CRD report:
November 2017. “Breach of fiduciary duty,suitability, misrepresentation selling away.” The case was settled for $225,000.
April 2017. “Suitability, unauthorized trading, churning, selling-away.” The customer sought $3,200,000 and the case was settled for $1,091,575.21.
January 2017. “Suitability; unauthorized trading; churning.” The customer is seeking $3,200,000 in damages and the case is currently pending.
August 2014. “The customer alleges the representative had her purchase an unsuitable variable annuity in May 2014 that also created tax consequences.” The case was settled for $47,574.63.
Pursuant to FINRA Rules, member firms are responsible for supervising a broker’s activities during the time the broker is registered with the firm. Therefore, Woodbury Financial Services, Inc. may be liable for investment or other losses suffered by Hoffman’s customers.
Erez Law represents investors in the United States for claims against brokers and brokerage firms for wrongdoing. If and have experienced investment losses, please call us at 888-840-1571 or complete our contact form for a free consultation. Erez Law is a nationally recognized law firm representing individuals, trusts, corporations and institutions in claims against brokerage firms, banks and insurance companies on a contingency fee basis.
Did You Lose Money Investing with Robert Vance?
Erez Law represents investors in the United States for claims against brokers and brokerage firms for wrongdoing. If you have experienced investment losses, please call us at 888-840-1571 or complete our contact form below for a free consultation.
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