Woodbury Financial Services, Inc.
Woodbury Financial Services Ordered to Pay Customer $122,000
A FINRA arbitration panel ordered Woodbury Financial Services to pay an investor $122,000 to compensate the investor for damages suffered as a result of Woodbury’s improper conduct. The Claimant asserted causes of action including the following: failure to supervise, negligence,
breach of industry standards and breach of contract. Claimant alleged that Respondent, through the assurances of one of its registered representatives, invested his retirement income into a variable annuity. Claimant alleged that Respondent failed to disclose the risks associated with the variable annuity. Claimant further asserted that the annuity was unsuitable given his stated investment objective of preservation of capital and his risk tolerance