Larry Boggs, formerly with Ameriprise Financial Services, Barred from Securities Industry

Have you lost money with financial advisor Larry Boggs from Dallas, Texas?  We are investigating allegations made by FINRA, the Financial Industry Regulatory Authority, against Larry M. Boggs.  FINRA alleged that Boggs excessively traded or churned four customers’ accounts.  To settle these allegations, Boggs agreed to be barred from the securities industry.

FINRA alleged that Boggs engaged in excessive trading or churning between January 2014 and May 2015, while he was associated with Ameriprise Financial Services.  Some of the excessive trading had turnover ratios ranging between 4.21 to 8.19, with cost-equity ratios between 15% and 29.88%.

One of the most common ways to determine whether the account was excessively traded or churned is to determine the annual turnover ratio.  This ratio shows how often the securities in the account are bought or sold within a year.  Authority has held that an annual turnover of 4 or more is a “presumption” of churning, and an annual turnover of 6 or more is a “conclusion” of churning.  Thus, if the accounts had turnovers over 8, then there would be a conclusion that there was churning or excessive trading.

Another way to determine whether there was excessive trading is the cost equity ratio.  This ratio takes the commissions generated by the trading, divided by the average value of the account.  This ratio essentially determines the returns that an account needs to make just to break even. Thus, an account with a cost-equity ratio of 20% would need to earn profits of 20% just to break even from all the costs of trading.

Larry Boggs was a financial advisor and registered representative of Ameriprise Financial Services from July 2009 to May 2015.  He also worked with Wedbush Securities from May 2015 to July 2016.  He worked at branch offices in Dallas, Texas.  Boggs was also terminated by Ameriprise Financial Services for this conduct.

Brokerage firms like Ameriprise Financial Services have a responsibility to adequately supervise all representatives who are registered through their firm.  Brokerage firms also must take steps to ensure that their financial advisors follow all securities rules and regulations, as well as internal firm policies.  When brokerage firms fail to adequately supervise their registered representatives, they may be liable for investment losses sustained by customers.

Our attorneys have represented over one thousand investors who have been defrauded by their financial advisor or stockbroker.  While we have offices in Denver and the Seattle area, we have also previously represented numerous investors throughout Texas, including in the Dallas area.

Click to view:  Boggs, Larry FINRA AWC

Click to view:  Boggs, Larry BrokerCheck 1.9.18

If you have lost money with Larry Boggs and Ameriprise Financial Services and want to hear about ALL legal options, please visit https://www.israelsneuman.com or CONTACT US at 720-599-3505.

Israels & Neuman, PLC is a private law firm and is not affiliated with any government or law enforcement agency.  Any investigation referenced in this blog is independent in nature and is being conducted by our law firm privately, not in conjunction with any government or law enforcement agency.  All information contained in this blog should be deemed statements of opinion derived from the author’s review of public records, not statements of fact.  This blog is advertising material and does not create an attorney client relationship, nor does it constitute legal advice.  Everyone’s situation is different and the question of whether or not you have a claim will vary on a case-by-case basis.  In contingent representation, clients may still be liable for costs.