Woodbury Stockbroker Barred For Hindering Investigation
James Garland Kennedy Jr. (also known as Jim Kennedy) of Madison Mississippi a stockbroker formerly registered with Woodbury Financial Services Inc. has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that he failed to comply with FINRA personnel when he was being investigated for engaging in unapproved outside business activities involving customers of Woodbury Financial Services. Letter of Acceptance Waiver and Consent No. 2019062489101 (Apr. 28, 2020).
According to the AWC, FINRA’s investigation into Kennedy’s actions had commenced following its receipt of a Uniform Termination Notice for Securities Industry Registration (Form U5) from Woodbury Financial. The securities broker dealer mentioned to FINRA that Kennedy had been terminated based upon allegations that he engaged in outside business activities that it did not approve of. Those outside business activities consisted of financial transactions for two Woodbury Financial Services customers.
The AWC stated that between May 6, 2019 and August 29, 2019, Kennedy was instructed by FINRA to provide it with information and documentation in response to the allegations referenced by Woodbury Financial. Kennedy initially cooperated with FINRA, but this stopped when he neglected to respond to the regulator’s March 20, 2020 request.
The AWC stated that FINRA received a phone call from Kennedy’s legal counsel on March 25, 2020 to confirm that Kennedy acknowledged receipt of FINRA’s requests but would not be cooperating with it. FINRA determined that Kennedy’s refusal to supply the missing documentation and information constituted the violation of FINRA Rules 2010 and 8210.
FINRA Public Disclosure also reveals that Kennedy is the subject of a customer initiated investment related written complaint which was settled to resolve allegations that the customer sustained unwarranted tax liabilities by following the recommendations made by Kennedy relating to mutual fund and variable annuity transactions when he was associated with Hartford Equity Sales Co. Inc.
Kennedy was registered with Woodbury Financial Services Inc. between January 26, 2007 and March 31, 2020.