The Financial Industry Regulatory Authority has barred former broker Larry M. Boggs for excessive and unsuitable trading in the accounts of five elderly clients.
Mr. Boggs also improperly exercised discretion in these accounts without written authorization to do so, Finra said in a letter of acceptance, waiver and consent.
These activities took place in 2014 and 2015, while Mr. Boggs was a broker at Ameriprise Financial, which fired him that May. He then worked at Wedbush Securities until January 2016. He is no longer employed in the securities industry.
For one of the clients cited — an 82-year old retired university professor whose investment objectives were growth and income, and whose risk tolerance was moderate — Mr. Boggs initiated I0I transactions resulting in losses of $19,391, and total commission charges of $34,889.