Securities America Broker Agrees to Bar from Associating with FINRA Members in Any CapacityMonday, 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.
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