Steven Patrick McCormick, a stockbroker from Simi Valley, California, formerly registered with Osaic Wealth Inc., has been permanently barred by Financial Industry Regulatory Authority (FINRA) for failing to cooperate with a regulatory investigation. The investigation followed a complaint submitted to FINRA. Letter of Acceptance, Waiver, and Consent (AWC) No. 2023077823001.
On September 24, 2024, FINRA requested documents and information from McCormick under Rule 8210. Although McCormick, through his attorney, acknowledged receiving the request, he refused to comply. This noncompliance violated FINRA Rules 8210 and 2010, which mandate cooperation with regulatory inquiries and the maintenance of ethical standards in the securities industry. On October 22, 2024, McCormick consented to FINRA’s findings without admitting or denying the allegations. As a result, FINRA imposed a permanent bar, effective October 22, 2024, preventing him from associating with any FINRA member firm in any capacity.
Additionally, according to FINRA Public Disclosure, while McCormick was registered with Woodbury Financial Services Inc., a customer dispute arose over his recommendation to purchase a variable annuity. The customer alleged McCormick failed to disclose penalties for accessing funds before the annuity’s maturity. On January 3, 2017, the customer filed a complaint seeking $8,940.77 in damages. The dispute was settled on January 31, 2017, with the securities broker dealer paying the full amount. McCormick did not contribute to the settlement.
McCormick was registered with Osaic Wealth Inc. from January 19, 2024, until October 22, 2024. Before that, he was associated with Woodbury Financial Services Inc. from March 1, 2019, to January 19, 2024.
