Woodbury Financial Services, Inc. (CRD #421, Oakdale, Minnesota) recently submitted a Letter of Acceptance, Waiver and Consent in which the firm was censured and fined $45,000.
Without admitting or denying the findings, the firm consented to the described sanctions and to the entry of findings that it failed to establish, maintain and enforce an adequate system to review equity trades for excessive trading.
Excessive trading, often called quantitative suitability, generally relates to any time a financial advisor’s trading strategy can clearly only benefit the advisor through the form of commissions and cannot be justified as a legitimate trading strategy
This information which is publicly available on FINRA’s website has been provided by The White Law Group, LLC.
If you have questions about investments you made with Woodbury Financial Services, Inc., the securities attorneys of The White Law Group may be able to help. To speak with a securities attorney, please call the firm’s Chicago office at 312/238-9650.
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