Woodbury broker barred after recommending an unauthorized product

Lawrence M. Thomas refused to appear for testimony in connection with sales of the product.
JUN 12, 2017

A broker formerly registered with Woodbury Financial Services Inc., an independent broker-dealer that's part of the Advisor Group network, was barred from the industry after failing to provide on-the-record testimony to Finra in connection with an investigation into unauthorized-product sales. The Financial Industry Regulatory Authority Inc., the brokerage industry watchdog, barred Lawrence M. Thomas from associating with any registered broker-dealer in the future following an investigation into Mr. Thomas' recommendation that Woodbury customers buy an unauthorized product, according to a letter of acceptance, waiver and consent filed June 12. (More: Finra CEO Robert Cook promises to give brokerages more guidance on overseeing rogue brokers) Mr. Lawrence declined a Finra request to appear for testimony, the result of which is a bar from the industry. The broker was registered with Woodbury from 2005-2013. He was most recently registered with Essex Securities, until 2015, and isn't currently associated with another broker-dealer. In 2016, Mr. Thomas consented to findings that he directed his assistant to forge the signatures of three customers on approximately 10 documents. He was suspended for three months and fined $5,000. (More: Finra CEO Robert Cook keeps low profile — for now)

Latest News

The power of cultivating personal connections
The power of cultivating personal connections

Relationships are key to our business but advisors are often slow to engage in specific activities designed to foster them.

A variety of succession options
A variety of succession options

Whichever path you go down, act now while you're still in control.

'I’ll never recommend bitcoin,' advisor insists
'I’ll never recommend bitcoin,' advisor insists

Pro-bitcoin professionals, however, say the cryptocurrency has ushered in change.

LPL raises target for advisors’ bonuses for first time in a decade
LPL raises target for advisors’ bonuses for first time in a decade

“LPL has evolved significantly over the last decade and still wants to scale up,” says one industry executive.

What do older Americans have to say about long-term care?
What do older Americans have to say about long-term care?

Survey findings from the Nationwide Retirement Institute offers pearls of planning wisdom from 60- to 65-year-olds, as well as insights into concerns.

SPONSORED The future of prospecting: Say goodbye to cold calls and hello to smart connections

Streamline your outreach with Aidentified's AI-driven solutions

SPONSORED A bumpy start to autumn but more positives ahead

This season’s market volatility: Positioning for rate relief, income growth and the AI rebound