Rodney Otis Kumlien, of Verona, Wisconsin, a stockbroker registered with Woodbury Financial Services Inc., is the subject of a customer initiated investment related complaint filed on September 7, 2023. In this complaint, the customer requested compensatory damages based upon allegations that Kumlien made the unsuitable recommendation of variable annuities during the time that Kumlien was associated with Woodbury Financial Services Inc.
Financial Industry Regulatory Authority (FINRA) Public Disclosure shows that Kumlien is referenced in three other customer initiated investment related disputes concerning Kumlien’s conduct while associated with securities broker dealers. On November 17, 2008, a customer filed an investment related complaint involving Kumlien’s conduct in which the customer requested compensatory damages based upon allegations that Kumlien engaged in unauthorized trading and used a forged signature for a loan from a variable life policy when Kumlien was associated with MONY Securities Corporation.
Kumlien was also referenced in a customer initiated investment related complaint filed on February 27, 2018, in which the customer requested compensatory damages based upon allegations that Kumlien made unsuitable recommendations in life insurance products during the time that Kumlien was associated with Woodbury Financial Services. The complaint was denied by the firm.
On February 27, 2018, another customer filed an investment related complaint involving Kumlien’s conduct in which the customer requested compensatory damages based upon allegations that Kumlien made unsuitable recommendations in variable universal life insurance policies when Kumlien was associated with Woodbury Financial Services. The securities broker dealer denied this complaint.
Also, on July 14, 2021, the State of Wisconsin brought an enforcement action against Kumlien based upon allegations that Kumlien made unsuitable recommendations regarding the movement of retirement funds to a deferred annuity during the time that he was associated with Woodbury Financial Services Inc. This enforcement action also involved the reopening of a previously closed customer complaint from 2018, which concerned the replacement of an AXA contract with a Hartford contract. Case No. 18-C42913.
Kumlien was associated with Woodbury Financial Services Inc. in Verona, Wisconsin from March 31, 2006, to December 31, 2021.
