Close Menu
Free Consultation: 888-976-6111

Marc Rankin: Woodmen Financial Advisor Barred by FINRA

Former Columbia, South Carolina financial advisor Marc Rankin (CRD# 5534121) was recently sanctioned in connection with allegations he refused to cooperate with an investigation into alleged rule violations. Financial Industry Regulatory Authority records show that he was previously registered as a broker with Woodmen Financial Services.

Mr. Rankin’s BrokerCheck report discloses the December 2023 FINRA sanction against him. According to a Letter of Acceptance, Waiver, and Consent (No. 2022074916801), he “refused to produce information and documents as requested by FINRA” as part of its inquiry into allegations submitted by his former member firm. As it explains, a customer alleged that he “recommended the liquidation of an IRA without notifying her of the tax ramifications.” As a result of his refusal to cooperate with the investigation, FINRA barred him from associating with any member firm in any capacity.

A second disclosure on his BrokerCheck report concerns his firing from Woodmen Financial Services. Filed in 2022, it states that the firm terminated him in connection with allegations by a customer that he recommended liquidating an IRA without informing her of tax consequences. “It was determined that the qualified annuity was liquidated to fund the nonqualified annuity,” the disclosure states, “and that the tax ramifications of surrendering the qualified annuity were not adequately addressed with the client.”

A third disclosure on his BrokerCheck report concerns an investor complaint against him. Filed in 2022, it alleged that as a representative of Woodmen Financial Services, he recommended the customer liquidate an IRA but did not notify her of the tax ramifications. The complaint reached a settlement of $70,000.

According to the Financial Industry Regulatory Authority, Marc Rankin holds 10 years of securities industry experience. Most recently based in Columbia, South Carolina, he was last registered with Woodmen Financial Services from 2011 until 2016 and 2017 until 2022. His credentials include the passage of three securities industry qualifying exams: the Investment Company Products/Variable Contracts Representative Examination, or Series 6; the Securities Industry Essentials Examination, or SIE; and the Uniform Securities Agent State Law Examination, or Series 63. He is currently barred him from associating with any member firm in any capacity. (Information current as of January 15, 2024.)

Carlson Law represents investors throughout the United States in claims against financial advisors and investment firms. If you or a loved one have suffered investment losses, please call us at 888-976-6111 or complete our contact form for a free and confidential consultation.

Facebook Twitter LinkedIn
Contact Us For A Free Case Evaluation
protected by reCAPTCHA Privacy - Terms
Latest Blog Posts
  • Dick Hagan: $400K Complaint Against MassMutual Advisor

    Wauwatosa, Wisconsin financial advisor Dick Hagan (CRD# 2392157) allegedly made an unauthorized transaction, according to a recent investor complaint. Financial...

    Read More
  • Tom Ley: Wells Fargo Advisor Faces Investor Complaint

    Toms River, New Jersey financial advisor Tom Ley (CRD# 1127048) recently received an investor complaint alleging that his conduct resulted...

    Read More
  • Steve Nielsen: Bond Complaints Against Centaurus Advisor

    Recent investor complaints against Gilbert, Arizona financial advisor Steve Nielsen (CRD# 4184826) allege that he recommended unsuitable, high-risk investments. Financial...

    Read More
  • Sam Prapaniku: $115K Complaint Against Ex-Bancorp Advisor

    Costa Mesa, California financial advisor Sam Prapaniku (CRD# 5499421) recently received an investor complaint alleging that he recommended unsuitable investments....

    Read More
  • Previous
  • Next