FINRA Bars BOBBY COBURN

FINRA Bars Bobby Coburn

The Financial Industry Regulatory Authority (“FINRA”) announced August 26, 2019 that it barred Securities America broker Bobby Coburn (CRD#: 1464789, Fort Meade, Florida) from the securities industry for non-cooperation in a FINRA investigation. Evidently, the broker, who Securities America discharged on March 20, 2019 after allegations of misconduct, executed a Letter of Acceptance, Waiver and Consent (the “AWC”) on August 9, 2019, which FINRA accepted. The findings of the AWC show that Coburn violated FINRA Rules 8210 and 2010 for not supplying FINRA with information in response to allegations of him engaging in unapproved private securities transactions and settling a client dispute without disclosing it to Securities America. Here's more on FINRA's disciplinary action against Coburn:

FINRA Investigates Bobby Coburn After Securities America Discharges Him For Soliciting Private Securities Transactions

Evidently, on April 15, 2019, Securities America disaffiliated with Bobby Coburn after allegations of Coburn’s disobedience. Coburn apparently had a part in soliciting a number of investors for private securities transactions which the firm never approved. Secondly, Securities America claimed that Coburn tried to resolve a client dispute without the firm’s consent. Evidently, Coburn was discharged March 20, 2019.

FINRA Investigates Coburn For Selling Away

FINRA can investigate securities brokers pursuant to its authority under Rule 8210. Mainly, FINRA can demand that the broker testify or supply documents for matters concerning its investigation. Notably, securities brokers failing to comply with FINRA’s requests face severe sanctions including a bar from association with a FINRA member. That is to say, a bar from the securities industry.
It appears that FINRA tried to determine if Bobby Coburn, among other things, failed to comply with FINRA Rule 3280. Principally, securities brokers cannot engage in private securities transactions (also known as “selling away”) unless the employer learns about the proposed securities transaction from the securities broker and the firm authorizes the broker’s activities. Coburn may have facilitated one or more securities transactions with Securities America clients in contravention of Rule 3280.
FINRA sent a letter to Bobby Coburn on July 22, 2019. He was asked to supply FINRA with documents and information relating to allegations of his solicitation of clients for private securities transactions and his settlement of a client complaint. Coburn received this request. However, he e-mailed FINRA on August 1, 2019 confirming that he would not produce the documents and information. Evidently, Coburn told FINRA that he retired from the securities industry. Coburn consented to FINRA finding that he violated Rules 8210 and 2010 for failing to satisfy FINRA’s requests.

Securities America Clients File Disputes About Bobby Coburn

Securities America reports that a client filed a dispute about Bobby Coburn on October 4, 2018. Mainly, the client alleged that Coburn sold a variable annuity that was not suitable or appropriate for the client. Evidently, Securities America opted to settle by paying the client $54,898.34. Coburn personally contributed to the July 5, 2019 settlement.
The firm also reports that a client of Securities America filed a dispute on April 15, 2016 to contest Bobby Coburn’s sales practices. Allegedly, Coburn arranged for a client’s $30,000 real estate development investment based in Costa Rico. However, the client was not repaid according to the terms of the promissory note. For this reason, Coburn personally paid the client $7,000 to settle the matter on April 15, 2016.

Suffer Investment Losses From Coburn?

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