Former Woodbury Financial Services, Inc. Financial Advisor Robert Hoffmann Investment Losses
Posted on Tuesday, January 16th, 2018 at 8:20 pm
Erez Law is currently investigating former Woodbury Financial Services, Inc. financial advisor Robert Hoffmann (CRD# 4008798) regarding unsuitable recommendations, unauthorized transactions, excessive trading, and private securities transactions. Hoffmann was registered with Thurston, Springer, Miller, Herd & Titak, Inc. in Indianapolis, Indiana from April to May 2017, and previously with Woodbury Financial Services, Inc. in Greenwood, Indiana from 2006 to 2017.
In November 2017, FINRA barred Hoffmann 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 unsuitable recommendations, unauthorized transactions, excessive trading, and private securities transactions.
In September 2017, FINRA sanctioned Glaser to $5,000 in civil and administrative penalties and fines and suspended him for three months 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.
Hoffmann has been the subject of three customer complaints between 2014 and 2017, according to his CRD report:
November 2017. “Breach of fiduciary duty,suitability, misrepresentation selling away.” The case is currently pending.
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 Hoffmann’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.