An AWC was issued in which Boggs was barred from association with any FINRA member firm in all capacities. Without admitting or denying the findings, Boggs consented to the sanction and to the entry of findings that he engaged in excessive and unsuitable trading in customer accounts. The findings stated that Boggs used his control over the customers’ accounts to excessively trade in them in a manner that was inconsistent with these investors’ investment objectives, risk tolerance and financial situations. Boggs engaged in a strategy that was predicated on short-term trading of primarily income-paying equity securities that were identified on a list of recommended securities by his member firm. Boggs would typically buy or sell these securities based on whether they were added to or removed from this list, and would frequently liquidate positions that increased or decreased by more than 10 percent. The findings also stated that Boggs improperly exercised discretion in these accounts without written authorization from the customers or the firm. The findings also included that Boggs caused the firm’s books and records to be incorrect by changing the investment objectives and risk tolerance for several of these customers in order to conform to his high-frequency trading strategy, even though the customers’ investment objectives and risk tolerance had not actually changed. (FINRA Case #2015045518901)
