Robert Hayes Hoffman of Indianapolis Indiana a stockbroker formerly registered with Woodbury Financial Services has been barred from being a stockbroker in the State of Indiana according to an Indiana Securities Division Order based upon findings of Hoffman being expelled from a self-regulatory organization for misconduct in the securities industry. Case No. 18-0001 SB (Jan. 24, 2018).
The Order referred to Hoffman being barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based on findings that Hoffman hindered a FINRA investigation into accusations of him, inter alia: excessively trading in customer accounts; making unsuitable investment recommendations to customers; effecting trades which were not authorized; and selling away from Woodbury Financial Services. Letter of Acceptance Waiver and Consent No. 2017053596501 (Nov. 16, 2017). According to the AWC, Hoffman was summoned by FINRA personnel to provide recorded testimony in regards to the allegations of his misconduct as referenced by a customer of Woodbury Financial Services. FINRA found Hoffman’s failure to comply in this regard to be violative of FINRA Rules 2010 and 8210.
FINRA Public Disclosure confirms that Hoffman is referenced in three additional customer initiated investment related disputes containing accusations of his misconduct during the time that he was associated with Woodbury Financial Services. In particular, a customer initiated investment related complaint involving Hoffman’s activities was settled on September 22, 2015 for $47,574.63 in damages based upon allegations that the customer was placed into an unsuitable variable annuity which led the customer to experience unwarranted liabilities.
Hoffman is also the subject of a customer initiated investment related arbitration claim where the customer was awarded $1,091,575.21 in damages based upon Woodbury Financial Services being found liable on the customer’s claims including churning of the customer’s account; unauthorized trading; and unsuitable sales of mutual funds, variable annuities, investments in aircraft and coal companies, and real estate securities which caused the customer to suffer losses. FINRA Arbitration No. 17-00857 (June 25, 2018).
An additional customer initiated investment related arbitration claim involving Hoffman’s conduct was resolved for $225,000.00 in damages based upon accusations that the customer’s annuity or sterling metal transactions had been effected away from Woodbury Financial Services; investments sold to the customer were in no way appropriate; and fiduciary obligations were violated. FINRA Arbitration No. 17-03043 (Feb. 8, 2019).
Hoffman’s employment with Woodbury Financial Services Inc. ended on March 16, 2017. He was employed by Thurston Spring Miller Herd Titak between April 17, 2017 and May 24, 2017.
