FINRA Bars Securities Broker After Failing to Appear in Court
The Financial Industry Regulatory Authority (FINRA) has barred former Securities America stockbroker Bobby Wayne Coburn for failure to appear in court.
Broker Solicited Clients to Invest in Unapproved Securities
According to the securities regulator, Coburn declined to appear at the hearing that was scheduled to look into allegations against him. Coburn was terminated from Securities America in March for soliciting clients to invest in private securities transactions that were not approved by the firm. Records state that “Coburn 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 began working in the securities industry in 1988. According to FINRA’s records, Coburn worked at six different firms before joining Securities America in 2009. Coburn was with Securities America for 10 years where two customer disputes were recorded against him.
Coburn Barred from Industry
Due to Coburn’s failure to appear at his hearing, FINRA has barred him from acting as a broker or otherwise associating with a broker-dealer.
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