The Investor’s Watchdog

The Investor's Watchdog

Securities America Broker Agrees to Bar from Associating with FINRA Members in Any Capacity

Monday, September 9, 2019

Bobby Wayne Coburn recently entered into an Acceptance, Waiver, and Consent (“AWC”) with FINRA for refusing to provide documents and information pursuant to its investigation into his termination.

Coburn entered the securities industry in 1986 when he became associated with a FINRA member firm. Between 1988 and 2009, Coburn was associated with seven different FINRA member firms. In January 2009, Coburn became associated with FINRA member firm Securities America, Inc. Securities America terminated Coburn’s employment on March 20, 2019 because, according to Securities America, he was “involved in the solicitation of multiple clients to invest in an unapproved private securities transaction and engaged in the settlement of a related customer complaint without the Firm’s knowledge or consent.” Coburn has not been associated with a FINRA member since Securities America fired him.

FINRA launched an investigation regarding the facts and circumstances leading to Coburn’s termination. On July 22, 2019, FINRA staff sent a letter to Coburn requesting the production of documents and information. Coburn acknowledged receipt of this but stated that he is no longer working in the securities industry and he will not produce the requested documents and information at any time. By refusing to produce the documents and information as requested pursuant Coburn violated FINRA Rules. For this refusal, Coburn agreed to a bar from associating with any FINRA member in any capacity.

If you invested money with your broker and lost money, you may be able to recover from your broker or the brokerage firm where he or she was registered. Since 1998, the attorneys at ChapmanAlbin have been helping investors recover money lost due to securities fraud and negligence. Call us today for a free consultation at 1-877-410-8172.

Author: Jason T. Albin

Jason Albin is an Attorney and Partner at ChapmanAlbin, the investor rights law firm. He has represented hundreds of investors who have lost money due to broker misconduct, unsuitable investment advice and fraud.​ Jason also represents individuals in “whistleblower” suits filed against unscrupulous companies that try to defraud the US federal and state governments.

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