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

Carson Group adds $236 million California team in latest deal
Carson Group adds $236 million California team in latest deal

Omaha-based RIA expands Northern California footprint with Roseville acquisition amid record annual pace for wealth management M&A.

Envestnet expands tax-management push with Vanguard alliance
Envestnet expands tax-management push with Vanguard alliance

Advisor's Alpha framework joins Envestnet's platform, giving advisors new tools to manage client tax exposure year-round.

Russell Investments to be acquired by B Capital-led investor group
Russell Investments to be acquired by B Capital-led investor group

B Capital and pension giant CalPERS lead a consortium buying the 90-year-old asset manager from TA Associates and Reverence Capital Partners.

AI use reshapes advisor satisfaction and deepens client trust, separate studies reveal
AI use reshapes advisor satisfaction and deepens client trust, separate studies reveal

Using artificial intelligence can have benefits for both advisors and their clients, according to new research.

Names of more B-Ds that sold deals of bankrupt Inspired Healthcare surface
Names of more B-Ds that sold deals of bankrupt Inspired Healthcare surface

Broker-dealers that sold the defunct securities backed by Inspired Healthcare generated more than $100 million in fees and commissions.

SPONSORED Who builds the income when the pension disappears?

Dan Biagini of American Equity says the steady decline of pensions, longer lifespans and a reset in interest rates are rewriting how advisors build retirement income

SPONSORED Why direct indexing stopped being optional

Direct indexing is on pace to outgrow ETFs and mutual funds. Northern Trust's Ken Lassner explains why the advisors who get it wish they had started sooner.