Tr?id=566623520170033&ev=PageView&noscript=1

Philadelphia Father-Son Advisory Team Awarded Half-Million Dollars in Defamation Case at FINRA

Posted on March 22nd, 2024 at 12:00 PM
Philadelphia Father-Son Advisory Team Awarded Half-Million Dollars in Defamation Case at FINRA

From the Desk of Jim Eccleston at Eccleston Law

A Philadelphia-based father-son advisory team has won a significant victory in a FINRA arbitration case against their former firm, Woodbury Financial Services.

According to FinancialAdvisor, the arbitration panel found that Woodbury had defamed the advisors by falsely accusing them of violating firm policy on their Form U-5 employment termination filings. Woodbury had alleged that the advisors submitted unauthorized applications to Allianz for fixed-index annuities. The panel credited the advisors' testimony, stating that all clients had authorized the account openings for an Allianz annuity opportunity.

While a note about a policy violation remains on the advisors’ records, the panel modified the U-5 termination language to clarify the nature of the violation. Woodbury also was ordered to pay $468,270 in compensatory damages and $31,000 for legal and expert witness fees.

Eccleston Law LLC represents investors and financial advisors nationwide in securities, employment, transition, regulatory, and disciplinary matters.

Tags: Eccleston, Eccleston Law

Return to Archive

TESTIMONIALS

Previous
Next
Quotes Bigger

Thank you so very much for your guidance, patience, and expertise.

Beth and Steve K.

LATEST NEWS AND ARTICLES

1777047237 Law
April 24, 2026
Geopolitical Tensions Prompt Wealth Advisors to Rethink Dubai Strategies

Recent geopolitical developments have forced wealth advisors to reassess client exposure to Dubai, a jurisdiction that has attracted significant ultra-high-net-worth capital over the past decade.

1776963542 Law
April 23, 2026
Advisor Recruiting Surges in 2025 as Industry Movement Reaches New Highs

Advisor movement across the wealth management industry accelerated sharply in 2025, with 11,172 experienced financial advisors changing firms, according to reporting by Wealth Management citing the latest Advisor Transition Report from Diamond Consultants.

1776796402 Law
April 21, 2026
DOL Proposal on Alternative Assets in 401(k)s Faces Cautious Reception

The U.S.