Roy Woehrman Fined by FINRA Over Referral Deal

Roy Woehrman, a registered representative from Oceanside, California, with LPL Financial LLC, was censured and fined by FINRA as a result of an investigation into his sharing of commissions with an unregistered affiliate. Woehrman entered into an acceptance waiver and consent agreement with FINRA, in which he neither admitted nor denied the charges, but agreed to a fine of $12,500.

In July 2017, Woehrman agreed to the suspension and FINRA published its findings that he gave $38,500 in commissions to an unregistered partner who referred customers to Woehrman for investment transactions. These commissions were labeled as advertising funds, but FINRA found that Woehrman misled LPL Financial LLC when he submitted a compliance questionnaire in which he denied engaging in a referral deal.

Roy Woehrman’s registration and disciplinary history

In order to lawfully sell investments to the public, one must either be registered or exempt from registration.

Roy Woehrman has been registered with LPL Financial LLC since March 2005, and was registered with Wachovia Securities, LLC from November 1999 to March 2005.

According to FINRA’s CRD disclosure report, Woehrman has been the subject of one customer complaint and one regulatory investigation.

FINRA is the primary regulator for broker dealers and registered representatives in the United States. FINRA’s role is to promulgate standards and practices for the brokerage industry and to ensure compliance with its rules by licensed entities and individuals.

FINRA has two primary ways to ensure compliance with the securities laws: by means of an enforcement unit that investigates and disciplines wrongdoing, and through the establishment of an arbitration forum where investors can resolve disputes against broker dealers. FINRA’s arbitration forum, FINRA Dispute Resolution Inc. is the largest arbitration forum in the country for resolving investor disputes, and typically processes over 10,000 filings annually.

The Law Office of David Liebrader practices exclusively in the field of investment loss recovery.  For the past 24 years, we have dedicated our law practice to assisting investors who have been victims of investment fraud via unlawful and unsuitable investment transactions.  During that time, we have recovered money for over one thousand individuals, pension plans, trusts, and companies.  The recoveries we have obtained via judgments, awards and settlements on behalf of our clients exceed $40,000,000.

If you suspect that you have been the victim of investment fraud, or had a financial advisor recommend unsuitable investments to you, call us today for a free, confidential consultation at (702) 380-3131.