Woodstock Financial Group, Inc. (CRD# 38095) (SEC# 8-48080) | Cold Spring Advisory Group

Woodstock Financial Group, Inc. (CRD# 38095) (SEC# 8-48080)

Woodstock Financial Group, Inc., is a Woodstock, Georgia-based brokerage firm with its main office located at 117 Towne Lakes Parkway, Suite 200. The firm took the name Woodstock Financial in Georgia on April 28, 2009 and registered with the Securities Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA) in 1995. 

Woodstock Financial’s FINRA BrokerCheck Report contains three final regulatory events, the most recent of which occurred in March of 2013. The New York State Department of Financial Services alleged the firm failed to disclose certain information regarding four separate arbitrations on its application for an insurance agency license. The firm was consequently fined $9,000.

In March of 2010, the Connecticut Banking Commissioner entered a consent order with Woodstock Financial for allegations that the firm charged certain Connecticut customers inflated transactions that were categorized as “MISC.” or a “ticket charge.” According to the BrokerCheck report, a portion of these charges was applied to profit the firm unbeknownst to these customers. The consent order initiated by the Connecticut Banking Commissioner directed the firm to reimburse affected customers the difference between the “MISC.” and “ticket charge” fees and the actual amount of the firm’s fees. The firm was also ordered to pay a $15,000 fine and an additional $5,000 to cover investigative costs.

Woodstock Financial has five awards and judgments listed on its BrokerCheck report, two of which occurred when the firm was operating under a different name. Most recently, in June of 2012, Woodstock Financial was named in a FINRA arbitration and was charged with breach of fiduciary duty, negligence, violations of the Nebraska Securities Act, negligent supervision, misrepresentation, churning, making unsuitable investment recommendations and breach of contract. The respondents in this arbitration were ordered to pay $75,00 in damages.

In a 2010 arbitration, Woodstock Financial faced similar charges of negligence, breach of contract, breach of fiduciary duty, failure to supervise, unauthorized trading, making unsuitable investment recommendations, racketeering and fraud. The claimants in this arbitration were awarded $34,562 in damages.

According to FINRA BrokerCheck, brokers associated with Woodstock Financial have regulatory disclosures and customer disputes of their own, including:

•William J. Raike, a Woodstock Financial registered representative who worked at 4 broker-dealers prior to Woodstock. He has 5 disclosed customer disputes listed on his BrokerCheck report.

•John M. Tinnelly, a Woodstock registered representative who worked at 5 broker-dealers prior to Woodstock, 3 of which have been expelled by FINRA. He has one regulatory event and 11 customer disputes listed on his BrokerCheck report.
•Nile J. Steigerwald, a Woodstock Financial registered representative who worked at 6 broker-dealers prior to Woodstock. He has 2 customer disputes listed on his BrokerCheck report.

•Christopher S. Tomolonis, a Woodstock Financial registered representative who worked at 3 other broker-dealers prior to Woodstock. He has 2 customer disputes listed on his BrokerCheck report.

•David Netkin, a Woodstock Financial registered representative who worked at 5 broker-dealers prior to Woodstock. He has 2 customer disputes listed on his BrokerCheck report.