Phillip Cartwright: $75K Complaint Against Legacy Investments Broker

Multiple investor complaints against Appleton, Wisconsin financial advisor Phillip Cartwright (CRD# 4287303) detail allegations that he recommended unsuitable products. Records provided by the Financial Industry Regulatory Authority show that he is a broker and an investment advisor with Woodbury Financial Services, acting as a representative of Legacy Investments and Services.

Mr. Cartwight’s BrokerCheck report discloses two investor complaints. The most recent, filed in December 2022, alleges that as a representative of Woodbury Financial Services, he recommended unsuitable limited partnership investments, did not adequately describe the products he recommended, and over-concentrated investments in the customers’ account, resulting in losses. The pending complaint alleges damages between $75,000 and $125,000.

An earlier investor complaint, filed in 2020, alleged that as a representative of Woodbury Financial Services, he recommended an unsuitable private placement investment which was the subject of inadequate due diligence by the firm. In 2021 the complaint reached a settlement of $75,000. In a statement included with the complaint’s disclosure, Mr. Cartwright wrote: “The matter was settled by the Firm to avoid the cost and uncertainty of arbitration.”

According to the Financial Industry Regulatory Authority, Phillip Cartwright holds 22 years of securities industry experience. Based in Appleton, Wisconsin, he has been a broker and an investment advisor with Woodbury Financial Services since 2011, acting as a representative of Legacy Investments and Services. His past registrations include Woodbury Financial Services (2009-2011), Morgan Stanley & Company (2007-2009), and Robert W. Baird & Company (2000-2007). His credentials include the passage of four securities industry qualifying exams: the General Securities Representative Examination, or Series 7; the Securities Industry Essentials Examination, or SIE; the Uniform Combined State Law Examination, or Series 66; and the Uniform Investment Adviser Law Examination, or Series 65. He is licensed in Arizona, Arkansas, Illinois, Iowa, Kentucky, Missouri, and Wisconsin. (Information current as of January 14, 2023.)

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