Broker in Florida Barred for FINRA Violations
William Wade Godfrey (CRD #2447660) is a previously registered broker and previously registered investment adviser (RIA). From March of 2021 to January of 2022, Mr. Godfrey worked as a representative for Thrivent Investment Management in Clearwater, Florida. Subsequently, this broker served as a representative of OneAmerica Securities.
Recently, William Wade Godfrey was barred by the Financial Industry Regulatory Authority (FINRA) for failure to cooperate with an investigation into allegations of misconduct. The matter was related to Mr. Godfrey’s termination from Thrivent Investment Management. Below, our Florida investment fraud attorney discusses the sanctions in more detail.
Barred Broker: William Wade Godfrey Formerly of Thrivent Investment Management
William Wade Godfrey was terminated by Thrivent Investment Management in late 2021. His removal became official in January of 2022. The U5 form submitted to FINRA stated that this broker was removed for veritable annuity applications that had “materially inaccurate information.” A U5 Form—which is officially known as the Uniform Termination Notice for Securities Industry Registration, is used by broker-dealers, is to terminate an individual’s registration in the appropriate jurisdictions and/or self-regulatory organizations (SROs). The form is filed with FINRA.
When FINRA received the U5 form related to William Wade Godfrey’s termination by Thrivent Investment Management, the agency launched an investigation of the matter. However, in violation of FINRA Rule 8210, this broker declined to cooperate with the investigation. Without admitting or denying any of the specific allegations raised, Mr. Godfrey consented to the penalties proposed by FINRA, including an indefinite bar from the securities industry.
Note: A customer dispute arose over this matter in 2022. According to details provided by FINRA’s BrokerCheck Tool, a client who was concerned with the amount of surrender charges incurred by variable annuity transfers made on their account in July of 2021 brought a complaint. The matter was settled for $15,298.93.
Registered Representatives Have a Duty to Cooperate With FINRA Investigations
When a broker is terminated by a licensed broker-dealer or when allegations of misconduct otherwise arise, he or she has a duty to cooperate with an investigation by FINRA. Indeed, registered representatives—including brokers and other associated persons—are obligated under FINRA Rule 8210 to fully cooperate with FINRA investigations, exams, or proceedings.
The regulation provides FINRA with the authority to require individuals under its jurisdiction to produce documents, testify, and allow inspection and copying of their records concerning any matter involved in the investigation or proceeding. Failure to comply with these requirements can lead to serious sanctions, including an indefinite bar from the securities industry.
Set Up a Confidential Case Review With a Securities Fraud Lawyer in South Florida
At Carlson & Associates, P.A., our Florida investment fraud attorney fights hard to protect the rights and interests of investors. If you or your family member suffered losses due to broker negligence, please do not hesitate to contact us today for a strictly private case assessment. With an office in Miami, we advocate for investors in Southeast Florida and beyond.
Source:
brokercheck.finra.org/individual/summary/2447660