Jeffery Bryant Sanders, previously registered as a broker with Woodmen Financial Services Inc. in Union, South Carolina, has been permanently barred by Financial Industry Regulatory Authority (FINRA) from associating with any FINRA member in all capacities. The regulatory action resulted from Sanders’ failure to respond to FINRA requests for information. Case No. 2024081360501 (August 26, 2024).
FINRA issued a Notice of Suspension on May 23, 2024, followed by a Suspension from Association letter on June 17, 2024. When Sanders failed to request termination of the suspension within three months, he was automatically barred on August 26, 2024, pursuant to FINRA Rule 9552(h). The regulator’s statement confirmed the indefinite nature of the bar and specified that Sanders did not contest the findings nor seek an appeal within the designated period.
In addition to the regulatory action, FINRA Public Disclosure shows that Sanders was subject to three customer initiated investment related disputes. On July 29, 2024, Woodmen of the World Life Insurance Society (WoodmenLife), the parent company of Woodmen Financial Services Inc., received a written complaint from a customer alleging she had intended to purchase whole life insurance certificates in 2023 but instead received universal life insurance products. WoodmenLife reviewed the matter and denied the claim, citing that the customer had accepted the products as issued.
Another customer initiated investment related complaint, filed on June 19, 2024, alleged that Sanders facilitated the purchase of an index universal life insurance certificate without the customer’s consent. WoodmenLife denied the dispute on July 2, 2024, asserting that the customer had knowingly purchased the certificate.
A previous customer initiated investment related complaint filed on April 23, 2024, resulted in a settlement. The customer, an insurance customer of WoodmenLife, alleged that his monthly premium increased and that he was enrolled in additional insurance products he had not requested. After an internal review, WoodmenLife canceled the disputed policies and refunded the total premiums paid.
Sanders was also discharged from employment at Woodmen Financial Services Inc. on February 13, 2024, following allegations of misappropriation. Prior to his termination, Sanders was associated with Woodmen Financial Services Inc. from October 2020 to February 2024. He also previously worked for Woodmen of the World Life Insurance Society as a representative from November 2015 to the time of his discharge.
