The law firm of Oakes & Fosher is presently investigating the alleged misconduct of former securities broker Bobby Coburn. According to his publicly available FINRA BrokerCheck report, Bobby Coburn has been the subject of multiple customer disputes and a FINRA sanction.

Bobby Coburn was a Florida based securities broker. He worked in the securities industry for thirty years. During his career, he was registered with eight different securities firms.

His Registrations

  • Ameritas Investment Corp. (1988-1989)
  • North American Management (1989-1996)
  • Walnut Street Securities (1996-1998)
  • Nationwide Investment Services Corporation (1998-2000)
  • Nationwide Securities (2000-2002)
  • Legend Equities Corporation (2002-2008)
  • Brecek & Young Advisors (2008-2009)
  • Securities America (2009-2019)

The Allegations

  • In April 2016, a customer alleged that Bobby Coburn misrepresented a Costa Rica real estate investment. This case was settled for $7,000 in damages.
  • In October 2018, a customer alleged that Bobby Coburn recommended a highly unsuitable variable annuity. This case was settled for $54,898 in damages.
  • Bobby Coburn was officially sanctioned by FINRA in August 2019. The findings in this matter state that he solicited customers of his member firm to invest in an unapproved private investment. He had been terminated from his position at Securities America the previous March when the allegations first came to light. Due to the allegations, he was also barred by FINRA from acting as a securities broker in any fashion.

What Does This Mean?

Securities brokers are not allowed to engage in private securities transactions without first obtaining approval from their member firm. This is because recommending privately traded securities can often be a result of a broker’s conflict of interest. Often times, a broker might recommend a security they have a personal financial stake in, they might recommend a security because they are receiving cash kickbacks from a third party to do so, or they might just be recommending the privately traded security because of the incredibly high commissions they receive when executing the transaction. Conflicts of interest can be detrimental to investors as it can lead to brokers recommending securities to customers that are in no way financially suited for them. Securities firms need to prevent this type of thing from happening and thus are supposed to require their registered brokers to disclose their potential involvement in privately traded securities. However, the securities firm is not absolved from liability simply because the securities broker fails to communicate this fact. Securities firms need to have adequate procedures in place designed to adequately supervise its registered brokers and prevent them from engaging in any unauthorized and potentially harmful activities.

Oakes & Fosher Can Help

Many investors are unaware of the legal recourse available to them after losing money due to securities broker fraud and/or negligence. The truth is that investors who have lost money investing in this fashion may actually be entitled to damages.

Oakes & Fosher dedicates its entire legal practice to helping investors across the nation. If you, or someone you know, have lost money investing with Bobby Coburn, please contact Oakes & Fosher for a free and private consultation. Oakes & Fosher handles cases on a contingency basis, which means there are no fees charged unless we collect for you.