Charles William Wodrich (also known as Chip Wodrich), a stockbroker formerly associated with Hornor Townsend Kent LLC in Goodyear, Arizona, was barred as a stockbroker by Financial Industry Regulatory Authority (FINRA). Default Decision No. 2022075322601. FINRA found that Wodrich violated Rules 8210 and 2010 due to Wodrich’s refusal to comply with FINRA during an investigation.
FINRA initiated its inquiries in June 2022 following a senior customer complaint and expanded the investigation after Hornor Townsend Kent terminated Wodrich on August 11, 2022. The termination was attributed to his alleged use of an unapproved email address, unauthorized discretion in client accounts, and failure to promptly forward a client complaint.
On July 26, 2023, FINRA issued its first Rule 8210 request seeking telephone records, evidence of discretionary trading, and a list of clients contacted via personal email. Despite an initial extension, Wodrich failed to respond by the August 23 deadline. Subsequent requests on August 29 and October 17 reiterated the urgency of compliance, but Wodrich provided only partial responses that failed to address nine of thirteen specific requests.
In addition to the incomplete document production, FINRA requested testimony to further investigate allegations of misleading communications and unsuitable recommendations. The first session, scheduled for November 9, 2023, was ignored by Wodrich, who claimed he did not consent to FINRA’s request. A second request for November 17, 2023, received the same refusal, with Wodrich reiterating his lack of consent and offering no substantive justification. Both refusals violated FINRA Rule 8210, which mandates full cooperation with regulatory inquiries. His non-compliance hindered FINRA’s ability to investigate potential conduct involving senior customers and discretionary trading.
On December 12, 2024, FINRA’s Office of Hearing Officers issued a Default Decision after determining that Wodrich had failed to cooperate in good faith. The regulator detailed his refusal to respond fully to requests and his outright rejection of two scheduled testimony sessions. As a result, FINRA barred him from associating with any member firm in any capacity. The bar’s effective date is January 6, 2025.
The complaints against Wodrich further highlight his conduct with customers, according to Public Disclosure. A May 2022 dispute, settled for $17,000.00, involved claims of unsuitable investment recommendations in exchange-traded funds (ETFs) that resulted in financial losses. Earlier complaints during his time with Thrivent Investment Management Inc. included allegations of failing to disclose the market risks of variable annuities. A March 2002 complaint alleged misrepresentation of the payout structure of an investment product, leading to a settlement of $12,793.00. Another customer dispute in May 2002 claimed the customer was unaware of market volatility associated with a product, resulting in a settlement of $14,419.45.
