William Marc Rankin, of Columbia, South Carolina, a stockbroker formerly registered with Woodmen Financial Services Inc., has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity because Rankin refused to provide information and documents to the regulator during an investigation into his investment recommendation that a customer liquidate a qualified annuity and use the proceeds to purchase a non-qualified annuity. Letter of Acceptance, Waiver, and Consent No. 2022074916801 (December 19, 2023).
Rankin’s non-compliance with FINRA’s requests emerged from an incident reported on September 15, 2022. A customer had alleged that Rankin recommended the liquidation of an IRA without informing her of the tax implications. Rakin was terminated on September 22, 2022, and in connection with his termination it was indicated that he provided false information as to the source of the customer’s funds was the sale of real estate as opposed to the liquidation of another annuty.
Following this, on November 15, 2023, FINRA sent a request to Rankin for the production of documents and information under Rule 8210. Rankin acknowledged this request but refused to comply with it, as confirmed in his communication to FINRA on November 29, 2023. By failing to provide the requested information, Rankin violated FINRA Rules 8210 and 2010.
FINRA Public Disclosure shows that a customer initiated complaint involving Rankin’s conduct was settled for $70,000.00 in damages on August 29, 2022. The complaint alleged that Rankin, while associated with Woodmen Financial Services Inc., recommended the liquidation of a qualified variable annuity without adequately addressing the tax consequences with the customer.
Rankin was associated with Woodmen Financial Services Inc., in Columbia, South Carolina, from July 31, 2017, to September 15, 2022. He was also associated with the firm from March 2011 to June 2016.
