Articles Tagged with Woodbury Financial Services

AdobeStock_91053286-1-300x194According to a recent FinancialPlanning article, former Woodbury Financial and Questar broker Kevin Wanner will face prison time and forfeiture of assets, including real estate proceeds and his car. Wanner pleaded guilty to mail fraud and money laundering. He allegedly orchestrated a 15-year ponzi scheme involving CDs and investment funds, according to the North Dakota Securities Department. Quester and Woodbury, his former firms, have agreed to pay at least $3 million in restitution. Wanner allegedly had 66 victims, including several of his family members, and is one of the state’s largest ever securities fraud cases. Questar fired Wanner in December 2015 after North Dakota state regulators issued a cease-and-desist order. Questar agreed to a $2.4 million settlement in August. State regulators revoked Wanner’s license in December 2015 after they alleged he did not properly disclose CDs to Questar and depositing the money clients intended for the CDs into accounts controlled by him. He was then barred from the industry by the Financial Industry Regulatory Authority (FINRA) the following month. Wanner allegedly co-mingled his personal and business accounts and spent the money on things like a 2011 Mustang and home renovations.
Wanner was previously registered with Amev Investors, F&G Securities, John Kinnard & Company, Edward Jones, A.G. Edwards, Anchor National Financial Services, SunAmerica Securities, Merrill Lynch, LM Financial Partners, Raymond James, USAllianz Securities, Questar Capital Corp in Bismarck, North Dakota from December 2006 until August 2010, Woodbury Financial Services in Bismarck from August 2010 until December 2012 and Questar Capital Corp in Bismarck from December 2012 until December 2015. He has one customer dispute against him, alleging he defrauded a client out of $200,000, and two regulatory matters. He has been permanently barred from the industry. This is all according to his online, FINRA BrokerCheck report. Please call us today to find out how you may be able to sue Questar or Woodbury in the FINRA arbitration forum on a contingency fee basis if you lost money with Kevin Wanner. His brokerage firm may be liable for losses.

The Financial Industry Regulatory Authority (FINRA) has ordered two firms, Woodbury Financial Services and Questar Capital Corp, to pay $600,000 and $2.4 million respectively, to investors who were bilked out of money by former broker Kevin Wanner. FINRA accused Wanner of taking money from 66 investors over 15 years. He has reached a plea agreement in federal court on charges of mail fraud and money laundering. Mr. Wanner was barred from the industry, and has one customer dispute against him, alleging fraud. This is according to his public, online BrokerCheck report with FINRA. Kevin Wanner was previously registered with Amev Investors, F&G Securities, John G. Kinnard & Co., Edward Jones, A.G. Edwards, Anchor National Financial Services, SunAmerica Securities, Merrill Lynch, LM Financial Partners, Raymond James, USAllianz Securities, Questar Capital Corp in Bismarck, North Dakota from December 2006 until August 2010, Woodbury Financial Services in Bismarck from August 2010 until December 2012 and Questar in Bismarck from December 2012 until December 2015. He has been permanently barred from the industry.

AdobeStock_90383187-1-300x194A former broker with Woodbury Financial Services, Dan Droeg, was accused by the Financial Industry Regulatory Authority (FINRA) of recommending and overconcentrating illiquid investments in variable annuities for numerous profit sharing plans. The complaint also claimed the broker allegedly incorrectly reported the values and performances of the investments. Another complaint against him alleged unsuitability. Droeg allegedly recommended variable annuities, which were highly unsuitable for an elderly customer with low risk tolerance. A broker has a duty to only recommend those investments that are suitable for his clients. Many variable annuities are high-risk and illiquid ones that are not suitable. If the broker does recommend and sell those investments, his brokerage firm may be liable for losses. To find out how to sue Woodbury Financial on a contingency fee basis in the FINRA arbitration forum for Dan Droeg losses, please call our securities law firm today at 312-332-4200 for a no-cost, no-obligation consultation. Attorneys are standing by.
According to his online BrokerCheck report with FINRA, Droeg was previously registered with Anchor National Financial Services, Advantage Capital Corp, American General Securities, SunAmerica Securities, American General Inc. and Woodbury Financial Services in Mesa, Arizona from June 2007 until May 2012. He is currently registered with H. Beck in Mesa and has been since May 2012. He has two customer disputes against him, one of which is currently pending.

AdobeStock_112181284-1-300x200Did you lose money with Eric Springer, currently registered at Woodbury Financial Services in Grand Rapids, Michigan? If so, the attorneys at Stoltmann Law Offices are interested in speaking with you about your losses. The Financial Industry Regulatory Authority (FINRA) alleged that Mr. Springer submitted new account forms, Point of Sale forms, variable annuity applications and Qualified Transfer Request forms by photocopying customer signatures from other forms and affixing them to other forms before submitting them to Woodbury Financial Services. This happened 30 times and occurred between January 2010 and March 2014. This is against securities rules and regulations. For this, he was suspended from the industry for one month and fined $5,000. Brokerage firms like Woodbury Financial Services have a responsibility to reasonably supervise their brokers and, if they do not, can be held liable for money losses. Please call our securities law firm at 312-332-4200 today to find out how you can recover your losses on a contingency fee basis. The call to us is free with no obligation.

According to his FINRA BrokerCheck report, Springer was registered with Foresters Equity Services in San Diego, California from March 1987 until September 1989 and is currently registered with Woodbury Financial Services in Grand Rapids, Michigan and has been since April 1998. He has two customer disputes against him.

According to a recent Letter of Acceptance, Waiver and Consent (AWC) with the Financial Industry Regulatory Authority (FINRA), Richard Graham was accused of making unsuitable investment recommendations regarding the sale of unit investment trusts (UITs) while employed at Huntingont Investment Company. A UIT is a type of investment that represents undivided interests in a relatively fixed portfolio of securities. Many times these consist of common stock of closed-end investment companies (known as closed-end funds). UITs typically are risky and illiquid investments, not suitable for all investors. Many times they are junk bonds and these are subject to very high risk. A broker must take into account a customer’s net worth, investment objectives and age before recommending investments. If he does not, his investment firm can be liable for financial losses because of failure to supervise him.

In Graham’s case, according to his AWC, allegedly, he recommended to a customer couple who did not speak English, that they make two purchases of the Van Kampen Unit Investment Trust Closed End Strategy Master Municipal Income Portfolio Series 30 in November of 2012. The couple invested $149,994.48, and, a month later, $199,993.99. Graham was aware that the couple’s risk tolerance was “conservative” and that they had a “short” investment time horizon. They also had limited investment knowledge and sophistication. In all, the customers lost $79,297.70. On a separate occasion, Graham recommended that a 98-year-old customer invest approximately 42% of her net worth in UITs. This was highly unsuitable for a customer of her age, and she lost money in the transactions. For these transgressions, Graham was fined $10,000 and suspended from the industry for two months.

Richard Graham was registered with Woodbury Financial Services in Oakdale, Minnesota from July 2001 until October 2003, Natcity Investments in Cleveland, Ohio from October 2003 until June 2005, The Huntington Investment Company in Lafayette, Indiana from July 2005 until July 2013 and JP Morgan Securities in Indianapolis, Indiana from July 2013 until August 2016. He has seven customer disputes against him and he is not licensed within the industry, according to his online FINRA BrokerCheck report. Please call 312-332-4200 to speak to one of our attorneys today if you lost money with Richard Graham. We may be able to help you sue Huntington in the FINRA arbitration process on a contingency fee basis to recover your losses. The call is free.

Did you lose money with David Ross, formerly of Woodbury Financial Services? If so, the attorneys of Stoltmann Law Offices may be able to help you recover your financial losses in the Financial Industry Regulatory Authority (FINRA) arbitration forum on a contingency fee basis. We help clients sue firms such as Woodbury because the firm allows misconduct of their brokers. Please call 312-332-4200 today. The call is free with no obligation. Attorneys are standing by to take your call.

David Ross was discharged from Woodbury Financial in April 2016 after allegations that he failed to disclose an outside business activity to his firm. This is against securities rules and regulations. He was also accused of executing unauthorized trades while employed at Signator Investors. He has multiple tax liens against him and one customer dispute. He was registered with Pruco Securities in Newark, New Jersey from March 1998 until June 1999, Hornor, Townsend & Kent in Horsham, Pennsylvania from June 1999 until December 2000, Signator Investors in Murfreesboro, Tennessee from December 2000 until May 2010 and Woodbury Financial Services in Murfreesboro from May 2010 until April 2016. He is not licensed within the industry.

According to a cnbc.com report on Tuesday, the Financial Industry Regulatory Authority (FINRA) has been cracking down on firms related to their sales of unit investment trusts (UITs). UIT Sales What This Means For Investors  UITs are investments in a fixed portfolio of income-producing securities that have a defined maturity date, designed to provide capital appreciation and/or dividend income. FINRA found that Woodbury Financial Services, a brokerage firm in Oakdale, Minnesota, failed to identify and apply sales charge discounts to certain customers’ eligible purchases of UITs. The result was customers paying excess sales charges of $98,937. Woodbury is part of AIG Advisor Group, which is currently being sold by American International Group to Lightyear Capital and PSP Investments as of last month.

Another firm, ProEquities, a brokerage firm in Birmingham, Alabama, owned by Protective Life, was disciplined for similar UIT violations. FINRA claimed that ProEquities “lacked written supervisory procedures to identify UIT transactions eligible for sales charge discounts and lacked a process to assure that such discounts were properly applied. This resulted in excess charges to clients of $109,709. For this, the company was censured and fined $165,000 and ordered to pay $109,709 in restitution to its customers.

Stoltmann Law Offices is investigating Michael Kolacz, a broker with Cetera Advisors in Rockwall and Plano, Texas. Kolacz is accused of breaching fiduciary duty and misrepresenting material facts related to an insurance and investment plan, and misrepresenting the returns and fees associated with an annuity and the fees associated with a mutual fund. These are against securities rules and regulations. Kolacz was registered with NEXT Financial Group Inc. in Rockwall, Texas from May 2012 until September 2012, and Woodbury Financial Services in Plano, Texas from May 1996 until November 2013. He is currently registered with Cetera Advisors in Rockwall, Texas and has been since November 2013. If you lost money with Michael Kolacz, please call our securities law firm in Chicago at 312-332-4200 to speak to an attorney. We may be able to help you bring a claim against his firm, Cetera Financial, for not reasonably supervising him. The call is free with no obligation.

Stoltmann Law Offices is interested in speaking with investors who invested money with Joseph R. Butler, a former registered representative with Woodbury Financial. The Financial Industry Regulatory Authority (FINRA) barred Butler in all capacities for converting a customer’s funds and submitting a false annuity beneficiary change request. The customer was suffering from declining mental health, and Butler allegedly converted more than $170,000 and named himself the primary beneficiary and heir on the policy he sold her. Butler befriended the elderly widow and for years, wrote and cashed checks to himself out of the customer’s account, on top of opening the annuity and naming himself as the beneficiary. He also added himself to the customer’s bank accounts without her knowledge. These are against securities rules and regulations.

Joseph R. Butler was registered with Woodbury Financial Services in Clinton, Maryland from June 1997 until August 2012. He is currently registered with Innovation Partners in Charlotte, North Carolina and has been since October 2012. He has two customer disputes against him, one of which is currently pending. If you invested money with Butler, please call our securities law offices at 312-332-4200 to speak to an attorney about your options. We may be able to help you recover your money in the Financial Industry Regulatory Authority (FINRA) arbitration process. The call is free with no obligation. We sue firms such as Woodbury Financial for not properly supervising representatives such as Butler. They can be held liable for money losses.

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Stoltmann Law Offices is investigating Michael John Bombardier, a former broker with KCD Financial. Bombardier is accused of selling away, altering a customer document and failing to adequately disclose surrender charges associated with a variable annuity replacement. While Bombardier was registered with Southeast Investments in Colchester, Vermont, in 2014, he engaged in selling away practices, which is when an investment advisor recommends and sells a security that is not offered by his member firm. This is done to garner large commissions for the broker. It is against securities rules and regulations. He also submitted applications to a carrier without his home office approval. In 2012, Bombardier was fired from Woodbury Financial Services, also in Colchester, after allegations surfaced that he altered a document and failed to adequately disclose surrender charges associated with a variable annuity replacement.

Michael John Bombardier was registered with Franklin Financial Services Corp in Houston, Texas from January 1988 until October 2002, American General Securities Inc. in Colchester, Vermont from October 2002 until May 2007, Woodbury Financial Services in Colchester from May 2007 until March 2012, Southeast Investments in Colchester from March 2012 until July 2014 and KCD Financial in DePere, Wisconsin from August 2014 until September 2014. He is not currently licensed within the industry.

If you invested money with Michael John Bombardier, you may be entitled to recover some of your investment losses by suing his former firm, KCD Investments, in the FINRA arbitration forum. KCD Investments had a duty to reasonably supervise him while he was employed with them, and, because they did not, can be held liable for investment losses. Our number is 312-332-4200 and we are a securities law firm based in Chicago, Illinois. Please do not delay in contacting us, as many of the cases we deal with have a statute of limitations. The call is free with no obligation. We take cases on a contingency fee basis only.

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