Sign of the Financial Industry Regulatory Authority

Billy Wayne Allen, of Bentonville, Arkansas, a stockbroker with Merrill Lynch, Pierce, Fenner & Smith, Inc., was permanently barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity after consenting to findings that he failed to cooperate in a FINRA investigation into his unauthorized solicitation and receipt of loans from customers. Letter of Acceptance, Waiver and Consent, No. 2015044282301 (Mar. 1, 2016).
According to the AWC, on December 2, 2015, Allen received a request from FINRA, per Rule 8210, which called for Allen to make an appearance for recorded testimony in connection with FINRA’s investigation into allegations that Allen solicited and accepted loans from several customers. The AWC stated that Allen contacted FINRA and indicated receipt of such request, but stated that he would not be testifying. Allen reportedly never made an appearance for testimony.
The AWC stated that on December 9, 2015, FINRA made another request, per Rule 8210, for Allen to testify on December 17, 2015, in connection with their investigation. Allen reportedly contacted FINRA a second time, indicating his unwillingness to make an appearance. Allen ultimately did not appear by the deadline. FINRA found that Allen violated FINRA Rules 2010 and 8210 for failing to cooperate in this regard, leading to Allen’s permanent bar.
Public disclosure records via FINRA’s BrokerCheck reveal that Allen has been subject to four total disclosure incidents. On January 16, 2015, Merrill Lynch terminated Allen on January 16, 2016, amid allegations of his acceptance of funds from a client without receiving his firm’s approval.
On September 15, 2015, the State of Arkansas’s Securities Commissioner revoked Allen’s investment-advisor and broker-dealer registrations with Arkansas Securities Department amid allegations of Allen’s unauthorized borrowing of money from firm clients, as well as for Allen’s failure to cooperate with their Securities Department’s investigation. Order No. S-15-0015-15-OR02 (Sept. 28, 2015).

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