Woodbury broker barred after recommending an unauthorized product
Lawrence M. Thomas refused to appear for testimony in connection with sales of the product.
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.
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