Robert Hayes Hoffmann, of Greenwood, Indiana, a stockbroker formerly registered with Woodbury Financial Services Inc., is referenced in a customer initiated investment related FINRA securities arbitration claim in which the customer sought $100,000.00 in damages based upon the alleged unsuitable recommendations to purchase variable annuities during the time that Hoffmann was registered with Woodbury Financial Services. Financial Industry Regulatory Authority (FINRA) Arbitration No. 20-03412 (November 13, 2020).
Hoffmann has been identified in three additional customer initiated investment related disputes concerning accusations of his wrongdoing when he was employed by Woodbury Financial Services. FINRA Public Disclosure shows that a customer initiated investment related complaint regarding Hoffmann’s conduct was settled for $47,574.63 in damages supported by allegations of an unsuitable variable annuity purchase through Hoffmann and Woodbury Financial Services. According to the complaint, the customer sustained unreasonable tax consequences because of Hoffmann’s annuity sale.
Hoffmann is named in a customer initiated investment related arbitration claim where the customer was awarded $1,091,575.21 in damages based on the FINRA Arbitration Panel finding Woodbury Financial Services liable for failing to supervise Hoffmann, resulting in unsuitable transactions. Case No. 17-00857 (June 25, 2018). The Statement of Claim alleges selling away, churning, and unauthorized trading relating to investments in Edgewood Property Group LLC, Hybrid Aircraft Company, and an Indiana military building. The customer also alleged losses from the purchase of annuities issued by AIG and Lincoln National.
On February 8, 2019, another customer initiated investment related arbitration claim concerning Hoffmann’s activities was resolved for $225,000.00 in damages founded on accusations of misrepresentation by Hoffmann concerning the customer’s investments in Sterling Metal and variable annuities. FINRA Arbitration No. 17-03043. The claim also alleges unsuitable trading, breach of fiduciary duty, and private securities transactions, resulting in damages.
Hoffmann has been barred from associating with any FINRA member in any capacity based upon findings that he impeded a FINRA investigation concerning his potential unauthorized and unsuitable transactions at Woodbury Financial Services. Letter of Acceptance, Waiver, and Consent No. 2017053596501 (November 16, 2017).
According to the claim, Hoffmann was investigated by FINRA in response to a complaint. The customer’s complaint alleged private securities transactions, unauthorized transactions, unsuitable advice, excessive trading, and other sales practice violations. The AWC states that Hoffmann acknowledged receiving FINRA’s request and then refused to testify, violating FINRA Rules 2010 and 8210.
On January 24, 2018, Indiana Securities Division also barred Hoffmann.
