Former New York City financial advisor Sung Moo Cho (CRD# 5015906) was recently sanctioned and barred in connection with misappropriation...
Read MoreRay Ferro: Investor Complaints Against Woodbury Broker
Former Danbury, Connecticut-based broker and investment adviser Ray Ferro (CRD# 1927831) has received multiple settled or pending customer complaints, including one that reached a settlement of $1.5 million. According to records provided by the Financial Industry Regulatory Authority (FINRA), Ferro was most recently registered with Woodbury Financial Services.
Ray Ferro’s FINRA-maintained BrokerCheck report lists a total of two settled customer complaints and two pending customer complaints against him.
A complaint filed in December 2020 alleges that as a representative of Woodbury Financial Services, Ray Ferro sold the customers unsuitable variable annuity products; the pending complaint alleges damages of $600,000. A complaint filed in October 2020 alleges that as a representative of NEXT Financial Group, Ray Ferro received 26 personal checks from the customer to be invested in unspecified products; the pending complaint alleges damages of $140,852.
A complaint filed in February 2020 alleged that as a representative of Woodbury Financial Services, Ray Ferro “wrongfully transferred $330,000 from the client’s bank account to his own bank account.” The complaint reached a settlement in August 2020 of $1,569,281.
A complaint filed in 2003 alleged that as a representative of McDonald Investments, Ray Ferro recommended unsuitable products. The complaint reached a settlement of $14,250.
According to Financial Industry Regulatory Authority records, Ray Ferro was registered with Woodbury Financial Services in Danbury, Connecticut from 2013 until 2020 and is not currently registered as a broker or investment adviser. Before he was registered with Woodbury he was registered with NEXT Financial Group in Danbury, Connecticut; LPL Financial Corporation in Danbury, Connecticut; Wachovia Securities in Ossining, New York; McDonald Investments in Cleveland, Ohio; Key Investments in Cleveland, Ohio; and Dean Witter Reynolds in Purchase, New York. He has passed five securities industry qualifying examinations: the Uniform Investment Adviser Law Examination, or Series 65; the Uniform Securities Agent State Law Examination, or Series 63; the Securities Industry Essentials Examination, or SIE; Futures Managed Funds Examination, or Series 31; and the General Securities Representative Examination, or Series 7. (Information current as of June 7, 2021.)
