Jasper E. Boykin, Jr., of Atlanta, Georgia, a registered representative formerly registered with MetLife Securities Inc., has been charged by FINRA Department of Enforcement in a Complaint alleging that he obstructed a FINRA investigation into allegations of his unapproved outside business activities. Department of Enforcement v. Jasper E. Boykin, Jr., No. 2016049508602 (Oct. 16, 2017).
According to the Complaint, FINRA sought information about allegations of Boykin’s failure to report outside business activities to his firm during the period that Boykin was registered with MetLife Securities, Inc. FINRA apparently sent a request to Boykin on April 12, 2016, seeking information and documentation by an April 26, 2016 deadline. Boykin allegedly failed to respond.
The Complaint stated that FINRA followed up with another letter to Boykin on May 17, 2016, requesting that Boykin comply by May 31, 2016. Boykin neglected to respond to FINRA’s request by the deadline imposed. Subsequently, Boykin responded to FINRA but failed to address the questions that FINRA personnel sought answers to regarding his alleged misconduct. Boykin reportedly failed to identify if MetLIfe Securities authorized Boykin’s engagement in outside business activities involving a banking institution. He also reportedly failed to mention if he was compensated by any other sources aside from the banking institution during the period that he was associated with the firm.
After reportedly dodging a third request, FINRA informed Boykin that he would be suspended by September 2, 2016, for failing to respond to FINRA’s three requests. After having been suspended, Boykin reportedly reached out to FINRA without answering the questions they posed. However, FINRA permitted Boykin until November 18, 2016, to respond or otherwise be barred from associating with any FINRA member in any capacity. Two days prior to the deadline, Boykin reportedly provided FINRA with a response. FINRA alleged that the information which Boykin eventually provided was untimely, as it delayed and impeded their ability to determine if he failed to disclose outside business activities.
The Complaint then alleged that Boykin failed to respond altogether once FINRA resumed an investigation into allegations of his wrongdoing. Particularly, FINRA sought Boykin’s tax return information and documentation about the bank account he controlled between January 1, 2015, to March 31, 2016. Boykin allegedly had until April 14, 2017, to comply; but he failed to do so, claiming that he needed more time. Boykin failed to respond to FINRA’s next three requests on April 24, 2017, May 8, 2017, and June 29, 2017, preventing FINRA from ascertaining whether Boykin was compensated through unauthorized outside business activities. As a result, FINRA alleged Boykin’s conduct was violative of FINRA Rules 8210 and 2010.
FINRA Public Disclosure reveals that Boykin was terminated by MetLife on March 22, 2016, based upon allegations that he failed to follow the firm’s procedures and policies relating to outside business activities.
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