The Financial Industry Regulatory Authority Inc. (FINRA) has barred a former broker with Woodbury Financial Services for failing to take part in an investigation into his investment recommendations. The broker, Robert H. Hoffmann, was barred for failure to provide testimony in connection with a FINRA investigation.
FINRA Investigating Hoffmann’s Trading Recommendations
In October of this year, FINRA staff sent a request to Hoffmann for on-the-record testimony in connection with its investigation into a customer’s allegations that Hoffman had engaged in wrongdoing. The complaint stated that while at Woodbury Financial Services, Hoffman made unsuitable investment recommendations, unauthorized transactions, private securities transactions, and excessive trades. Hoffmann did not respond to the request.
Prior to FINRA’s action, Hoffmann consented to a FINRA letter of acceptance, waiver, and consent containing findings that he failed to amend his Form U4 to report an IRS tax lien between January 2015 and September 2015. In September, the consent resulted in a $5,000 fine and he received a three-month suspension.
Have You Invested Money with Woodbury Financial Services or Robert H. Hoffmann?
If you believe you lost money as a result of Robert H. Hoffmann’s investment recommendations, you may have certain legal rights that require your immediate attention.
Call a Securities Fraud Attorney Today
If you are looking for an securities fraud attorney to review your rights and options, the securities fraud lawyers at Dimond Kaplan & Rothstein, P.A. have recovered over $100 million from banks and brokerage firms for their wrongful actions.