FINRA Bars Securities America Stockbroker In Investigation
Bobby Wayne Coburn of Fort Meade Florida a stockbroker formerly registered with Securities America Inc. has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon findings that (1) Coburn failed to cooperate with a FINRA investigation into allegations of him selling away from Securities America and (2) Coburn attempted to resolve a customer initiated investment related dispute without apprising the securities broker dealer. Letter of Acceptance Waiver and Consent No. 2019062319501 (Aug. 26, 2019).
According to the AWC, FINRA discovered accusations of Coburn having engaged in private securities transactions while associated with Securities America. In fact, Coburn was discharged by the securities broker dealer on March 20, 2019 based upon allegations that its customers had been solicited by Coburn for purposes of effecting securities transactions which were not authorized or made available through Securities America.
On July 22, 2019, Coburn was sent a letter by FINRA calling upon him to provide information to the regulator in response to the firm’s accusations. On August 1, 2019, FINRA received word from Coburn that he understood FINRA’s request but would at no point be cooperating with the regulator because of no longer working as a stockbroker. FINRA found Coburn’s failure to cooperate to be violative of FINRA Rules 2010 and 8210.
FINRA Public Disclosure reveals that Coburn is referenced in two customer initiated investment related disputes which pertain to allegations of his misconduct during the period in which he was employed by Securities America. In particular, on December 5, 2016, a customer initiated investment related complaint concerning Coburn’s conduct was resolved for $7,000.00 in damages supported by accusations that the customer did not receive the return of principal invested in a real estate development project according to the terms of a promissory note organized through Coburn.
On July 5, 2019, the other customer initiated investment related complaint regarding Coburn’s activities was settled for $54,898.34 in damages founded on allegations that the customer was placed into a variable annuity that was inappropriate for the customer when Coburn was associated with Securities America.