Carlton Eugene Burton, of Pace, Florida, 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 with a FINRA investigation into allegations that Miller had misappropriated assets of his investment advisory firm. Letter of Acceptance, Waiver and Consent, No. 20150481049-01 (Feb. 11, 2016).
According to the AWC, on November 10, 2015, Silver Oaks Securities had discharged Burton amid allegations made by Burton’s investment advisory firm that Burton misappropriated the firm’s assets. Retirement Planners, USA, LLC discharged Pace on the same day, alleging misappropriation of firm assets and misuse of a credit card that the company issued.
The AWC stated that on January 8, 2016, FINRA sent Burton a request for information and documentation pertaining to the firms’ allegations of misappropriation, pursuant to Rule 8210. Burton was expected to comply with FINRA’s request by the January 15, 2016 deadline.
The AWC indicated that FINRA received an e-mail communication from Burton on January 12, 2016, where Burton had acknowledged receipt of FINRA’s request for information and documentation, and stated that he would not be complying in this regard nor in the future. FINRA found that Burton had violated FINRA Rules 2010 and 8210 as a consequence of not cooperating, which led to his permanent bar.
Public disclosure records reveal that Burton has been subject to a total of three disclosure incidents in reference to the aforementioned terminations and regulatory action. Additionally, on May 4, 2008, he was subject to a bankruptcy discharge.
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