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Former Securities America, Inc. Broker Bobby Coburn Investment Losses

Posted on Monday, November 11th, 2019 at 8:26 pm    

Securities America, Inc.

Erez Law is currently investigating former Securities America, Inc. broker Bobby Coburn (CRD# 1464789) regarding unsuitable investment recommendations. Coburn was registered with Securities America, Inc. in Fort Meade, Florida from 2009 to 2019, when he was terminated regarding, “RR 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.”

In August 2019, FINRA barred Coburn after he consented to the sanction and to the entry of findings that he refused to provide FINRA with requested information. The findings stated that Securities America, Inc. 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.

Coburn has been the subject of two customer complaints between 2016 and 2018, according to his CRD report:

October 2018. “The client alleges the purchase of a variable annuity was not suitable.” The customer sought $5,000 in damages and the case was settled for $54,898.34. This case was regarding variable annuities.

April 2016. “Customer invested $30,000 in a Costa Rica real estate development and did not receive payments due under Promissory Note.” The customer sought $32,000 in damages and the case was settled for $7,000. This case is regarding promissory note and real estate securities.

Pursuant to FINRA Rules, member firms are responsible for supervising a broker’s activities during the time the broker is registered with the firm. Therefore, Securities America, Inc. may be liable for investment or other losses suffered by Coburn’s customers.

Erez Law represents investors in the United States for claims against brokers and brokerage firms for wrongdoing. If and have experienced investment losses, please call us at 888-840-1571 or complete our contact form for a free consultation. Erez Law is a nationally recognized law firm representing individuals, trusts, corporations and institutions in claims against brokerage firms, banks and insurance companies on a contingency fee basis.