Securities Lawyers Blog
The law offices of Gana Weinstein LLP are currently investigating claims that advisor Bobby Coburn (Coburn) engaged in undisclosed outside business activities (OBAs) and private securities transactions that were not approved by the brokerage firm. Coburn, formerly registered with Securities America, Inc. (Securities America) was subject to a regulatory investigation and barred form the industry according to records kept by The Financial Industry Regulatory Authority (FINRA). In addition, Coburn disclosed one employment termaintion for cause and two customer complaints.
In August 2019, FINRA alleged that Coburn accepted a bar from the financial industry, after consenting to sanctions and to the entry of findings that he refused to provide FINRA with requested information and documents. FINRA stated that Coburn’s member firm had terminated his association and stated on his Form U5 that 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’s complaint without the firm’s knowledge or consent.
In March 2019 Securities America discharged Coburn and accused him of misconduct.
At this time it is unclear what the activity was that was the focus of FINRA’s investigation or the scope of Coburn’s activities. Coburn’s publicly available BrokerCheck information discloses one OBA called Born to Retire which appears to be an insurance sales business. It is unknown whether the activity investigated by FINRA involves any of these entities.