Financial Industry Regulatory Authority (FINRA) BrokerCheck shows important information about securities broker Robert Hayes Hoffmann (CRD#: 4008798, Indianapolis, Indiana). Evidently, Hoffmann worked for securities firms Robert W. Baird & Co. Incorporated, Northwestern Mutual Investment Services, LLC, Woodbury Financial Services, Inc., and Thurston, Springer, Miller, Herd & Titak, Inc. Notably, at least 4 investors complained about Hoffmann, and FINRA barred him as a securities broker. Here's more on those disclosures. However, keep in mind that the broker denies allegations of sales practice violations.
Woodbury Financial Services Client Alleges Unsuitable Annuities Purchases By Robert Hoffmann
Evidently, a client of Woodbury Financial Services Inc. complained about Robert Hoffmann in November 2020. Mainly, the client alleges that they purchased unsuitable annuities because of Hoffmann. Basically, suitability concerns an investor's risk tolerance, investment objectives, and financial needs. Eventually, Woodbury Financial Services settled this matter in May 2022 by agreeing to pay the client $160,000.
FINRA Bars Hoffmann For Not Testifying In Client Complaint Investigation
Notably, FINRA barred Robert Hoffmann in November 2017 to resolve allegations that Hoffmann did not cooperate in a FINRA investigation. Supposedly, FINRA, which regulates most securities firms and brokers in the country, asked for Hoffmann's "on-the-record testimony" concerning client disputes. The regulator states that clients alleged that Hoffmann made unsuitable recommendations, engaged in private securities transactions, made unauthorized transactions, and executed excessive trades. Supposedly, Hoffmann refused to participate in the investigation. Because of this indefinite bar, Hoffmann is not allowed to associate with FINRA-member firms.
Also, a client of Woodbury Financial Services brought a FINRA Arbitration Claim in November 2017. According to the investor, Robert Hoffmann breached a fiduciary duty concerning variable annuities and an investment in sterling metal. Hoffmann allegedly sold unsuitable investments and misrepresented information about them. Moreover, the client alleges selling away, which is where a broker sells investments potentially not authorized by their securities firm. Evidently, Woodbury Financial Services compensated this client in the amount of $225,000 in a February 2019 settlement. However, the firm and broker did not admit liability.
Investor Prevails In Arbitration Claim Against Woodbury Financial Services, Hoffmann
Moreover, a Woodbury Financial Services client brought a FINRA Arbitration Claim in April 2017, naming both Robert Hoffmann and Woodbury Financial Services as respondents. Allegations include breach of fiduciary duty, negligence, and misrepresentation. It appears that the broker made misstatements about Edgewood Property Group and Hybrid Aircraft Company. The client allegedly did not receive suitable investment recommendations and experienced damages. Because of this, Arbitrators found Woodbury liable for failing to supervise, resulting in unsuitable transactions. The Panel ordered the firm to pay $1,091,575.21 in damages and interest.
Losses Through Robert Hoffmann?
Did you realize losses because of securities broker Robert Hoffmann? You can contact Soreide Law Group at (888) 760-6552 to speak with a helpful securities attorney about possibly recovering your losses. Soreide Law Group represents investor clients on a contingency fee basis and advances all costs. The firm has recovered considerable compensation for a lot of investors who have incurred damages from securities brokers and financial advisors. Please note that Hoffmann denies all accusations of inappropriate sales practices.
