Woodbury Financial Services, Inc.—Failure to Apply Sales Charge Discounts
Woodbury Financial Services, Inc. Allegedly Failed to Apply Sales Charge Discounts to Approximately 744 Eligible UIT (Unit Investment Trust) Purchases resulting in customers paying excessive sales charges of approximately $98,937.31
Woodbury Financial Services, Inc., a broker with its principal place of business in Oakdale, Minnesota, allegedly failed to apply sales charge discounts to approximately 744 eligible UIT purchases resulting in customers paying excessive sales charges of approximately $98,937.31, according to a recent FINRA Letter of Acceptance, Waiver and Consent (AWC).
Woodbury Financial Services, Inc., from May 1, 2009 to April 30, 2014, allegedly failed to apply sales charge discounts to certain customers’ eligible purchases of unit investment trusts (UITs) in violation of FINRA Rules, the AWC notes.
Woodbury has been a FINRIA member since 1968 and has approximately 1479 registered representatives operating from approximately 792 branch office locations.
Woodbury Financial Services, Inc. Failed to Maintain and Enforce a Supervisory System and Written Supervisory Procedures, Suspended and Fined $100,000 by FINRA
Woodbury Financial Services, Inc., from May 1, 2009 to April 30, 2014, also allegedly failed to establish, maintain and enforce a supervisory system and written supervisory procedures reasonably designed to ensure customers received sales charge discounts on all eligible UIT purchases, according to the aforementioned AWC.
As a result of the aforementioned behavior, Woodbury allegedly violated FINRA Rules, and hence, has been suspended and fined $100,000 by FINRA, the AWC notes.
One should also note that, according to the AWC, Woodbury Financial Services, Inc. neither admitted nor denied the FINRA findings.
The Peiffer Rosca Wolf Securities Lawyers Often Assist Investors
The Peiffer Rosca Wolf securities lawyers assist investors who lose money as a result of failure to apply sales charge discounts. 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 failure to apply sales charge discounts, and a failure to establish, maintain and enforce a supervisory system and written supervisory procedures are encouraged to contact the securities lawyers at Peiffer Rosca Wolf, Alan Rosca or Joe Peiffer, for a free, no-obligation evaluation of their recovery options, at 888-998-0520.