Founded in 1968, Woodbury Financial Services, Inc. (“Woodbury”) is a leading broker-dealer and registered investment adviser (RIA) headquartered in Oakdale, Minnesota. Woodbury is owned in-part by Advisor Group, Inc., one of the largest networks of independent wealth management firms in the U.S. As of December 31, 2021, the firm had 1,500+ financial professionals and $74.2B in total assets under administration (AUA). Woodbury brokers are licensed in all 50 states as well as the District of Columbia, Puerto Rico, and the U.S. Virgin Islands.
Financial Misconduct at Woodbury Financial Services, Inc.
Woodbury is licensed by the Financial Industry Regulatory Authority (FINRA), and as such is legally obligated to ensure its brokers are acting lawfully in the interest of their investors. If a client suffers losses as a result of negligent behavior or misconduct from a broker, then the firm may be held legally responsible to repay the damages.
Woodbury and brokers backed by Woodbury have a long history of misconduct. Per FINRA’s BrokerCheck report, the firm has 33 disclosures (23 regulatory events; 1 arbitration; and 1 bond).
In November 2022, FINRA initiated a claim against Woodbury finding that the firm negligently failed to tell investors in an offering that the issuer, GPB Capital, hadn’t made timely filings with the Securities and Exchange Commission (SEC). Even after learning of the issuer’s delays and intention to complete a forensic audit, Woodbury made 55 sales, which resulted in $324,725 in commissions. Woodbury was censured, fined $55,000, and ordered to pay $300,224.98, plus interest, in partial restitution to customers.
In May 2019, FINRA initiated a claim against Woodbury finding that the firm’s supervisory system, which was not in compliance with applicable securities laws and FINRA rules, including those pertaining to suitability, was not reasonably designed to oversee additions to existing variable annuities. As a result, Woodbury was censured and fined $225,000.
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Meyer Wilson reclaimed $350 million for the victims of investment fraud or misconduct. Our attorneys are experienced in going up against the largest investment firms, such as Woodbury Financial Services, Inc., and our track record affirms our resources and expertise. Meyer Wilson has represented clients nationwide and internationally, in state and federal courts, and in securities arbitration. As an investor, you have a right to recover investments lost through unethical behavior or decisions made against your interests.
