Robert Hayes Hoffman – Woodbury Financial – Securities Investigation
Have you suffered losses investing with Robert Hayes Hoffman and Woodbury Financial? If so, the securities attorneys at The White Law Group may be able to help you recover your losses through FINRA Arbitration.
According to an award posted on FINRA’s website yesterday, a FINRA panel has ordered Woodbury Financial Services to pay 2 customers $1.1 million for allegedly failing to supervise a former broker’s unsuitable transactions.
The FINRA arbitration panel has ruled that Woodbury Financial Services must pay $970,107.21 in compensatory damages and $121,468 in interest to two investors as a result of the firm’s failure to supervise former broker, Robert Hayes Hoffman.
Kris and Sandy Dielman, the claimants, charged that Woodbury breached its fiduciary duty, was negligent and engaged in fraud and deceit in connection with selling them investments in several companies, variable annuities and A-share mutual funds.
According to his BrokerCheck report, Hoffmann was registered with Woodbury in Greenwood, Indiana from 2008 to 2017. Hoffman has eight disclosures listed on his broker report, and was barred in November 2017 because he “refused to appear for FINRA-requested on-the-record testimony in connection with an investigation into allegations by a customer concerning, among other things, potential unsuitable recommendations, unauthorized transactions, excessive trading, and private securities transactions.”
Investigating Potential Claims
The White Law Group is investigating the liability that Hoffmann’s employers may have for losses sustained by his clients. Brokerage firms are required to adequately supervise their agents to ensure they are complying with FINRA rules. If it is determined that the broker dealer failed to supervise their agent, they can be held responsible for losses in a FINRA arbitration claim.
Are you concerned about investment losses with Robert H. Hoffmann? The attorneys at The White Law Group may be able to help you. For a free consultation with a securities attorney, please call (888) 637-5510.
The foregoing information, which is all publicly available on FINRA’s website, is being provided by The White Law Group. The White Law Group, LLC is a national securities fraud, securities arbitration, investor protection, and securities regulation/compliance law firm with offices in Chicago, Illinois and Franklin, Tennessee.
For more information on The White Law Group, please visit www.whitesecuritieslaw.com.