A broker previously signed up with Woodbury Financial Services Inc., an independent broker-dealer that’s part of the Advisor Group network, was disallowed from the market after cannot offer an on-the-record statement to Finra u-5 about an examination into unauthorized-product sales.
The Financial Industry Regulatory Authority Inc., the brokerage market guard dog, disallowed Lawrence M. Thomas from connecting with any signed-up broker-dealer in the future following an examination into Mr. Thomas’ suggestion that Woodbury clients purchase an unapproved item, inning accordance with a letter of approval, waiver, and permission submitted June 12.
Mr. Lawrence decreased a Finra demand to stand for Testament, the outcome which is a bar from the market.
The broker was signed up with Woodbury from 2005-2013. He was mostly just recently signed up with Essex Securities, till 2015, and isn’t presently connected with another broker-dealer.
In 2016, Mr. Thomas granted findings that he directed his assistant to create the signatures of 3 clients on roughly 10 files. He was suspended for 3 months and fined $5,000.