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 2025 InvestmentNews Awards Excellence Awardees revealed
The 2025 InvestmentNews Awards Excellence Awardees revealed

From outstanding individuals to innovative organizations, find out who made the final shortlist for top honors at the IN awards, now in its second year.

Top RIA Cresset warns of 'inevitable' recession amid tariff uncertainty
Top RIA Cresset warns of 'inevitable' recession amid tariff uncertainty

Cresset's Susie Cranston is expecting an economic recession, but says her $65 billion RIA sees "great opportunity" to keep investing in a down market.

Edward Jones joins the crowd to sell more alternative investments
Edward Jones joins the crowd to sell more alternative investments

“There’s a big pull to alternative investments right now because of volatility of the stock market,” Kevin Gannon, CEO of Robert A. Stanger & Co., said.

Record RIA M&A activity marks strong start to 2025
Record RIA M&A activity marks strong start to 2025

Sellers shift focus: It's not about succession anymore.

IB+ Data Hub offers strategic edge for U.S. wealth advisors and RIAs advising business clients
IB+ Data Hub offers strategic edge for U.S. wealth advisors and RIAs advising business clients

Platform being adopted by independent-minded advisors who see insurance as a core pillar of their business.

SPONSORED Compliance in real time: Technology's expanding role in RIA oversight

RIAs face rising regulatory pressure in 2025. Forward-looking firms are responding with embedded technology, not more paperwork.

SPONSORED Advisory firms confront crossroads amid historic wealth transfer

As inheritances are set to reshape client portfolios and next-gen heirs demand digital-first experiences, firms are retooling their wealth tech stacks and succession models in real time.