Larry M. Boggs Allegedly Engaged in Excessive & Unsuitable Trades
According to the Financial Industry Regulatory Authority (FINRA), Larry M. Boggs (CRD#: 1582741, Dallas, Texas) has been permanently barred from securities industry.
FINRA alleges that between January 2014 and May 2015, Boggs engaged in excessive and unsuitable trading in the accounts of five customer households.
Boggs also allegedly exercised discretion in these accounts without written authorization to do so. Finally, Boggs reportedly changed the investment objectives and risk tolerance for several of the above-referenced customers in order that they would conform to his high frequency trading strategy. Unfortunately, according to FINRA, the customers’ investment objectives and risk tolerance had not actually changed.
According to his FINRA BrokerCheck report, Boggs was registered with Wedbush Securities in Dallas, Texas from May 2015 until July 2016. Prior to that, he was affiliated with Ameriprise Financial Services in Dallas, Texas from October 2009 until he was discharged in May 2015 for “FOR VIOLATIONS OF COMPANY POLICY RELATED TO DISCRETIONARY TRADING AND SUITABILITY.”
For FINRA’s full findings see FINRA case number 2015045518901.
Failure to Supervise
Brokerage firms are required to adequately supervise their advisors. They must ensure they are complying with FINRA rules.
When brokers abuse client accounts and conduct transactions that violate securities laws, the brokerage firm they are working with may be liable for investment losses. Brokerage firms that fail to monitor the business activities of their employees may be liable for investment losses due to negligent supervision for the misconduct of their employees.
The brokerage firms can be held responsible for any losses in a FINRA arbitration claim if it is determined that they failed to properly supervise their agent.
Did you suffer losses investing with Larry M. Boggs? If so, the attorneys at The White Law Group may be able to help you to recover your losses. For a free consultation, please call (888) 637-5510.
The foregoing information, which is all publicly available, is being provided by The White Law Group.
The White Law Group, LLC is a national securities fraud, securities arbitration, investor protection, and securities regulation/compliance law firm with offices in Chicago, Illinois and Franklin, Tennessee. For more information, please visit our website, www.whitesecuritieslaw.com.