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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.)
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