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

Fintech bytes: Vestwell comes through for underserved savers with multilingual support
Fintech bytes: Vestwell comes through for underserved savers with multilingual support

MyVest and Vestmark have also unveiled strategic partnerships aimed at helping advisors and RIAs bring personalization to more clients.

UBS profit beats estimates as Ermotti sees brighter outlook
UBS profit beats estimates as Ermotti sees brighter outlook

Wealth management unit sees inflows of $23 billion.

Evercore to buy advisory firm Robey Warshaw for $196 million
Evercore to buy advisory firm Robey Warshaw for $196 million

Deal will give US investment bank a foothold in lucrative European market.

Gates and Buffett’s Giving Pledge is 15 years old, but many signatories are richer than ever
Gates and Buffett’s Giving Pledge is 15 years old, but many signatories are richer than ever

New report examines the impact that the initiative has had on philanthropy.

Americans stay the course on 401(k) savings despite inflation fears
Americans stay the course on 401(k) savings despite inflation fears

Few feel confident that they will meet their retirement goals.

SPONSORED How advisors can build for high-net-worth complexity

Orion's Tom Wilson on delivering coordinated, high-touch service in a world where returns alone no longer set you apart.

SPONSORED RILAs bring stability, growth during volatile markets

Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today's choppy market waters, says Myles Lambert, Brighthouse Financial.