The law firm of Oakes & Fosher is presently investigating the alleged misconduct of former securities broker Larry Boggs. According to his publicly available FINRA BrokerCheck report, Larry Boggs has been the subject of a FINRA sanction.

Larry Boggs was a Texas based securities broker. He worked in the securities industry for twenty-nine years. During his career, he was registered with five different securities firms.

His Registrations

  • Merrill Lynch (1986-1991)
  • Prudential Securities Incorporated (1991-2002)
  • Wells Fargo Advisors (2002-2009)
  • Ameriprise Financial Services (2009-2015)
  • Wedbush Securities (2015-2016)

The Allegations

Larry Boggs was officially sanctioned by FINRA in January 2018. The findings state that Boggs engaged in both excessive and unsuitable trading in multiple customers’ accounts. He allegedly implemented a strategy that was predicated on short-term trading of primarily income-paying equity securities that were identified on a list of recommended securities by his member firm. He allegedly would buy or sell these securities based on whether they were added or removed from this list and would frequently liquidate positions that increased or decreased by more than 10%. He also allegedly exercised discretion in these accounts without written authorization from the customers. Due to these allegations, he was barred by FINRA from acting as a securities broker in any fashion. He had been discharged from his position at Ameriprise Financial Services back in May of 2015 when the allegations first came to light.

What Does This Mean?

Different securities are designed to be held onto for different periods of time. For instance, there is a product known as a leveraged ETF that is designed to be bought and sold within a single trading day. However, there are great deal of securities that are designed to be held onto for long periods of time in order for investors to see returns. Income-paying equity securities are specifically designed to be held onto for years. They are meant to provide the investor with scheduled dividends to act as income over the life of the investment. Short-term and excessive trading for these types of products is incredibly unsuitable for any investor. It takes away any chance the customer might see a return on their investment and racks up unnecessary sales charges that cause their principal investment to deteriorate.

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 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 Larry Boggs, please contact Oakes & Fosher for a free and private consultation.