The Financial Industry Regulatory Authority Inc. has barred former Woodbury Financial Services broker Ronald Hannes for not appearing at an investigation looking into his conduct.
Finra began investigating Mr. Hannes after Woodbury terminated his registration in December.
Woodbury said it had received notice from a client that funds were paid to Mr. Hannes for purchase of a life insurance contract that were not forwarded to the life insurance company.
Mr. Hannes, of Spokane, Wash., began his securities career in 1986 and had been affiliated with Woodbury for 25 years.
FINRA barred the advisor, Sung Moo Cho, last month.
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