Robert P. Allen of Augusta Georgia a stockbroker formerly registered with Country Capital Management Company has been fined $5,000.00 and suspended for three months from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity founded on findings that he engaged in unapproved outside business activities. Letter of Acceptance Waiver and Consent No. 2019061185701 (Dec. 13, 2019).
According to the AWC, between December of 2013 and December of 2018, investment and insurance products had been sold by Allen through the securities broker dealer and its affiliates. The contract Allen maintained with those affiliates forbade him from selling customers insurance products that were issued by non-affiliated insurance companies.
The AWC stated that Allen ignored the prohibition on his insurance sales and effected more than $143,000.00 in sales of fixed indexed annuities offered through an insurance company who was not affiliated with Country Capital Management Company or its insurance affiliates. Allen never informed Country Capital Management Company in regard to these insurance transactions.
The AWC additionally stated that Allen was administered at least five compliance attestations by Country Capital which called upon him to disclose his outside insurance transactions. Allen relayed in those attestations that he did not engage in outside business activities, which was a lie according to the AWC. FINRA found that Allen’s conduct was violative of FINRA Rules 2010 and 3270.
FINRA Public Disclosure reveals that Allen is referenced in a customer initiated investment related arbitration claim which was resolved for $25,000.00 in damages supported by allegations of an unsuitable annuity exchange initiated by the stockbroker.
Allen’s employment with Country Capital Management Company was terminated on January 9, 2019.
