Glen E. Woodward Accused of Selling Equity Indexed Annuities Without Notifying Employer

Cleveland stockbroker fraud attorneyGlen E. Woodward, an investment professional in Nashville, TN, sold equity indexed annuities (“EIAs”) to eight of his customers without notifying his employer before doing so, according to a Financial Industry Regulatory Authority report (“FINRA”).

The Peiffer Rosca law firm’s securities practice attorneys Jason Kane and Joe Peiffer are investigating the matter.

Equity Indexed Annuities Are Risky for Most Investors, According to Securities Lawyers

Unlike traditional annuities, equity indexed annuities are often risky investments that are not suitable for all investors. Investments in equity indexed annuities may result in substantial losses to investors.

A careful analysis of the investor’s risk profile must be performed before an investment professional recommends an equity indexed annuity to his or her customers. The registered representative and its firm must understand all of the characteristics of the equity-indexed annuity and ensure that the investor understands them as well, when such a recommendation is made.

Glen Woodward Is a Financial Industry Veteran

Woodward has been a part of the securities industry since April 1994. He has since been linked with four FINRA member firms, including SAI, where he was an investment company and variable contracts products representative from June 2000 to March 2013. Woodward does not have any previous disciplinary history with investment fraud allegations.

The FINRA action did not offer specifics as to the characteristics of the EIAs sold by Woodward, and did not indicate whether or not such sales were unsuitable or the products were questionable.

Woodward Sales of Equity Indexed Annuities Violated Industry Rules, According to FINRA Action

Woodward violated the securities industry rules when sold the EIAs without informing his employer, SAI causing said employer financial losses. He sold ten EIAs, insurance products supplied by Reliance Standard Life Insurance Company or Great American Life Insurance Company, to eight different persons. These ten EIAs lead to $892,000 in total sales of which $37,492 was allotted as commissions to Woodward, according to FINRA’s disciplinary action.

The Peiffer Rosca attorneys often represent investors who lose money as a result of Ponzi schemes, investment fraud, or stockbroker misconduct. They are currently investigating the possibility of assisting investors with the recovery of any losses they may have suffered in connection with Glen E. Woodward. They take most cases of this type on a contingency fee basis and advance the case costs, and only get paid for their fees and costs out of money they recover for their clients.

Investors who believe they lost money as a result of investment fraud or misconduct may contact the securities lawyers at Peiffer Rosca, Jason Kane or Joe Peiffer, for a free, no-obligation evaluation of their recovery options, at (585) 310-5140.

phil korosec (1250 Posts)

In our legal system, every person is innocent until and unless found guilty by a court of law or a tribunal. Whenever we reference “allegations” or charges that are “alleged,” such allegations or charges have not been proven, and are merely accusations, not findings of fault, as of the date of the blog. We do not have, nor do we undertake, a duty to continue to monitor or follow cases about which we report, and/or to publish subsequent blogs regarding various developments that may occur in such cases. Readers are encouraged to conduct their own research regarding any such cases and any developments that may or may not have occurred in such cases.