Woodbury Financial Services, Inc.—Failure to Apply Sales Charge Discounts

New Orleans Investment fraud attorneysWoodbury 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.

Alan Rosca (1168 Posts)

Alan is a securities lawyer. He also teaches Securities Regulation at the Cleveland-Marshall College of Law. He focuses his legal practice on complex commercial and financial litigation and arbitration, particularly in the areas of securities and investment fraud. His office is in Cleveland, Ohio.


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.