FINRA Bars Ameriprise Broker for Excessive Trading
Larry Boggs, former registered representative with Ameriprise Financial Inc. (Ameriprise) submitted a Letter of Acceptance, Waiver, and Consent (AWC) to the Financial Industry Regulatory Authority (FINRA) in which he was permanently barred from association with any FINRA member firm in all capacities. Larry Martin Boggs, of Dallas, Texas, was found by FINRA to have engaged in excessive trading in his customer’s accounts, causing substantial losses to the affected customers. According to FINRA, Mr. Boggs used his control over customer accounts to excessively trade in a manner that was inconsistent with his customer’s objectives, financial goals, and risk tolerances. FINRA found that Mr. Boggs even changed some of the customers’ investment objectives and risk tolerances to conform with his excessive trading scheme, which affected the accounts of an 82-year-old retiree, as well as a couple who are 82 and 85 years old. FINRA’s findings state that one of the customer’s suffered losses of $19,391 while Mr. Boggs earned commission charges of $34,889. Another customer suffered losses of $18,268 with Mr. Boggs earning commissions of $44,866.
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