The Financial Industry Regulatory Authority (“FINRA”) recently banned Robert Hayes Hoffman from the securities industry for failing to cooperate with an investigation into a customer complaint against him while he was registered with Woodbury Financial Services in Greenwood, Indiana. He was registered with Woodbury from 2006 until March 2017.
FINRA records currently show 2 customer complaints against Woodbury and Hoffman, both of which are in FINRA arbitrations. In early 2017, a customer alleged that Hoffman and Woodbury made unsuitable investment recommendations, unauthorized trades and had traded the account(s) excessively. This customer has alleged damages of at least $3.2 Million.
In October of 2017, FINRA demanded that Hoffman provide “on the record testimony” about this customer complaint. Hoffman refused to testify and was subsequently barred from the industry by FINRA, as his refusal to testify violated FINRA rules.
A second customer complaint was filed in November 2017 alleging that Hoffman and Woodbury violated their fiduciary duties in multiple ways, including recommending unsuitable investments. The amount of the second investor’s damages has not yet been disclosed.
Our firm is investigating investor claims against Woodbury Financial and Robert Hayes Hoffman for the improper sale of unsuitable investments, unauthorized trading and excessive trading of investor accounts. If you are an individual or institutional investor who has any concerns about your investments with Woodbury Financial or Robert Hayes Hoffman, please contact us for a no-cost and no-obligation evaluation of your specific facts and circumstances. You may have a viable claim for recovery of your investment losses by filing a securities arbitration case with FINRA.