Larry Glenn Boggs of Birmingham Alabama a stockbroker formerly employed by First Allied Securities Inc. has been identified in a customer initiated investment related arbitration claim where the customer sought between $100,000.00 and $500,000.00 in damages founded on accusations of (1) the violation of Alabama Deceptive Trade Practices Act (2) breach of a contract pertaining to the customer’s investments and (3) bad recommendations concerning a variable annuity sold by Boggs when he was employed by First Allied Securities. Financial Industry Regulatory Authority (FINRA) Arbitration No. 19-02826 (Sept. 25, 2019).
Boggs is the subject of six more customer initiated investment related disputes pertaining to allegations of his bad business practices while employed by securities broker dealers including Investacorp Inc. and FSC Securities Corporation. FINRA Public Disclosure indicates that a customer initiated investment related arbitration claim pertaining to Boggs’ conduct was settled for $10,000.00 in damages supported by allegations that the Investacorp and FSC Securities Corporation customer was steered by Boggs to retire early and use 401(k) proceeds to purchase an annuity that was not suitable for the customer given its failure to meet the customer’s income needs.
On June 16, 2015, another customer filed an investment related complaint in reference to Boggs’ conduct where the customer sought compensatory damages estimated to exceed $5,000.00 based upon accusations of the customer being misled by Boggs regarding the ability to transfer assets away from First Allied Securities. The complaint also alleges that the customer’s account was mismanaged by Boggs.
On January 18, 2019, a customer was awarded $578,247.00 in compensatory damages and $500,000.00 in punitive damages based upon Boggs and First Allied Securities having been found liable for causing the customer’s losses. FINRA Arbitration No. 17-03439. According to the Statement of Claim, Bogg’s financial plan for the customer’s retirement consisted of the customer’s purchases of unsuitable investments including a Sun America Life Polaris Advantage II. The Statement of Claim alleges that there were negligent misrepresentations made to the customer by Boggs and that a fiduciary duty that the stockbroker owed to the customer was breached. Transactions effected in the customer’s account were negligently supervised by the securities broker dealer. The claim also alleges that Boggs and First Allied Securities violated Tennessee Consumer Protection Act.
Boggs’ employment with First Allied Securities was terminated on April 5, 2019. He has been employed by International Assets Advisory LLC since April 8, 2019.