Steven McCormick Barred: Woodbury Financial Advisor Faces FINRA Action

Steven McCormick is a former financial advisor based in Simi Valley, California that has now been barred by FINRA. With a previous settled dispute, McCormick has a regulatory record that could raise concerns about his investment practices.

If you or someone you know has been impacted by Steven McCormick or another broker, don’t hesitate to reach out to Meyer Wilson today. Our attorneys are experienced in broker misconduct cases and will help to guide you through the process with a free consultation.

Who Is Steven McCormick? A History of Customer Disputes

Steven McCormick (CRD#: 5059233) has worked for multiple brokerage firms, including Woodbury Financial Services and Osaic Wealth. His career, however, has been marred by allegations of misconduct and he has now been barred from the industry. Below are key disclosures associated with his history:

FINRA Bar (2024)

• Initiated by FINRA in October 2024.

• Sanction: Permanent bar from the industry.

• Reason: Failure to provide documents and information in an ongoing FINRA investigation into customer complaints.

• Employment at the time: Osaic Wealth, Inc.

• Resolution: Acceptance, Waiver & Consent (AWC), meaning McCormick did not contest the allegations but agreed to the sanction.

Customer Dispute (2017) – Settled

• Dispute Date: February 6, 2017

• Allegations:

  • Recommended an annuity without properly disclosing early withdrawal penalties.

  • Investor, who was on a fixed income and had disabilities, claimed she was misled about her ability to access funds.

  • After purchase, she discovered steep penalties for withdrawing funds before age 59½.

These disclosures suggest ongoing financial and regulatory troubles, which may indicate poor financial decision-making or ethical lapses—both of which could impact investors who relied on his advice.

McCormick’s Tenure at Woodbury Financial Services and Other Firms

McCormick spent a substantial portion of his career at Woodbury Financial Services (2019-2024). His time at these firms coincided with regulatory scrutiny and settlements.

Woodbury Financial has had its own history of regulatory actions and customer complaints. While McCormick was there, the firm faced several compliance issues, suggesting possible oversight failures that could have impacted clients.

What Investors Need to Know

Signs You May Have Been Affected

If you worked with Steven McCormick, consider whether you experienced the following issues:

• Losses from investments you did not fully understand.

• Unexpected withdrawal penalties on annuities or retirement accounts.

• Pressure to invest in high-commission products.

• Lack of clear communication about investment risks.

• Difficulty accessing funds when needed.

Meyer Wilson’s Fight Against Broker Misconduct

The allegations and regulatory actions against Steven McCormick highlight serious concerns about his investment practices. With at least one recorded customer dispute and now a permanent industry bar by FINRA, investors who worked with him should assess their portfolios for potential misconduct.

If you or someone you know has suffered losses due to the actions of brokers like Steven McCormick, the experienced attorneys at Meyer Wilson are here to help. With more than 20 years in the industry and over $350 million recovered for our clients, our focus on investment fraud and securities litigation has helped many investors recover their losses. Contact us today for a free consultation to discuss your case and learn how we can assist you in protecting your financial interests.

Frequently Asked Questions

Why was Steven McCormick barred from the industry?

McCormick was barred by FINRA in 2024 for failing to cooperate with an ongoing regulatory investigation into customer complaints.

How do I know if I was affected by McCormick’s recommendations?

If you worked with McCormick and experienced unexpected losses, withdrawal penalties, or investments that did not align with your risk tolerance, you may have been impacted.

Can I recover losses from McCormick’s recommendations?

Yes. Investors who suffered losses due to misrepresentation, unsuitable investments, or any other form of broker misconduct may be able to recover funds through arbitration or other legal avenues.