Woodbury Financial Services Investment Attorney

We represent customers of brokers and broker-dealers in investment related disputes against their firms, such as Woodbury Financial Services (Woodbury Financial). Our services and representation covers many forms of investment related misconduct including suitability, breach of fiduciary duty, and various investment products and services. Our firm can analyze your brokerage accounts, determine the extent of the client’s financial losses, and describe the issues and remedies available in bringing a claim.

Woodbury Financial is an independent broker-dealer that advertises itself as recognizing that successful advisors consider themselves as business owners and not sales people. The firm states on its website that wealth management is more than just investment advice or managing client wealth and encompasses all aspects of the clients’ financial well-being allowing the broker to act as their advocate throughout the investment process. Woodbury Financial touts that the firm is uniquely positioned to provide support at every point on the wealth management spectrum.

Woodbury Financial is affiliated with, under common control, or otherwise performs business under the company names Amev Investors, Inc., Fortis Investors, Inc., and St. Paul Investors, Inc.

Woodbury Financial – By the Numbers:

  • CRD# 421
  • SEC# 8-13846
  • 12 Regulatory Events
  • 5 Customer Complaints
  • Total Revenues: $243 million – 2012
  • Total Account Assets: $24 billion - 2012
  • Number of Retail Offices: 791 – 2012
  • Number of Investment Accounts: 501,545 - 2012
  • Representatives: 1,258 - 2012

Woodbury Financial – In the News:

In re Joshua Gould and David Rubin – The United States Attorney’s Office announced the guilty pleas of Joshua Gould, a former financial representative with Woodbury Financial Services and David Rubin. According to court documents, between May 2007 and December 31, 2010, Gould and Rubin embezzled approximately $1,500,000 from a retired individual solicited by Rubin. The customer was told that the funds would not be spent and would be held in a secure trust account to be used only as collateral. Despite the representations that the funds would not be spent, it was alleged that Rubin used approximately $250,000 of the funds for operating expenses, including payment of his own salary. It was also alleged that Gould also used the money to finance start-up costs and operational costs of several business ventures including The Sports Nook, True Hockey, and Free Poker Experience. It was further alleged that Gould and Rubin prepared and gave the individual victim false account statements.

FINRA v. Woodbury Financial Services, Inc., AWC No. 2011025484001 – FINRA fined Woodbury Financial $60,000 concerning allegations that the firm failed ot comply with certain email retention rules. FINRA alleged that the firm used a system from a commercial vendor to comply with WFS's regulatory obligations pertaining to archiving, preserving and supervising the business-related emails of its associated persons. FINRA alleged that from at least July 2007 through December 2011, various disruptions or failures not caused by Woodbury occurred that affected 16 outside servers impacting certain business-related emails of about 83 of the firm’s representatives. Accordingly certain emails were not retained in the vendor’s system.

Our attorneys has successfully represented hundreds of investors in their broker disputes with their advisor firms. Our consultations are free and we welcome all inquiries.