Securities Arbitration Lawyer Blog
The Financial Industry Regulatory Authority (“FINRA”) has barred financial advisor Enoch Booth from the securities industry for refusing to cooperate with a FINRA investigation into whether Mr. Booth engaged in unauthorized private securities transactions and outside business activities. FINRA launched the investigation after Valic Financial Advisors, Inc. terminated Mr. Booth’s employment in December 2020 and alleged that Mr. Booth failed to disclose a series of private securities transactions, failed to disclose a self-directed IRA, and provided gift cards to clients in violation of firm policy. Mr. Booth was associated with Valic Financial Advisors, Inc. in Columbia, South Carolina, from May 2001, until December 2020.
When a financial advisor participates in a private securities transaction that is not approved by a firm, it is referred to as “selling away.” The prohibitions on selling away are designed to protect investors by ensuring that all brokers’ activities are reasonably supervised by firms that employ them. Further, securities that are sold away from a firm have not been vetted by the firm.
Customers of Mr. Booth or Valic Financial Advisors, Inc. that have suffered financial losses can contact New York securities arbitration law firm Iorio Altamirano LLP for a free and confidential consultation and review of their legal rights.
Iorio Altamirano LLP represents investors nationwide that have disputes with their financial advisors or brokerage firms, such as Valic Financial Advisors, Inc.
FINRA Letter of Acceptance, Waiver, and Consent No. 2021069207301
Enoch S. Booth and FINRA entered into a Letter of Acceptance, Waiver, and Consent (“AWC”) on July 20, 2021, after Mr. Booth refused to provide documents connected with FINRA’s investigation.
On June 29, 2021, in connection with FINRA’s investigation, FINRA sent a request to Mr. Booth for the production of documents pursuant to FINRA Rule 8210. The request south documents in connection with FINRA’s investigation into facts surrounding Mr. Booth’s termination from Valic Financial Advisors, Inc. On June 29, 2021, Mr. Booth stated in an email that he would not produce the requested documents.
By refusing to cooperate with FINRA’s investigation, Mr. Booth violated FINRA Rules 8210 and 2010.
Accordingly, he has been barred by FINRA from associating with any FINRA member brokerage firm in any capacity.
Valic Financial Advisors, Inc. – Supervisory Duties
Brokerage firms like Valic Financial Advisors, Inc. must properly supervise financial advisors and customer accounts. Brokerage firms must also establish and maintain a reasonably designed system to oversee account activity to ensure compliance with securities laws and industry regulations. When a brokerage firm fails to sufficiently supervise its financial advisors or the investment account activity, it may be liable for investment losses sustained by customers.
How to Recover Financial Losses or Obtain a Free Consultation
If you have lost money with financial advisor Enoch Booth or Valic Financial Advisors, Inc., contact New York securities arbitration attorney August Iorio of Iorio Altamirano LLP. August Iorio can be reached at august@ia-law.com or toll-free at (855) 430-4010 for a free and confidential evaluation of your legal rights.
Iorio Altamirano LLP is a securities arbitration law firm based in New York, NY. Iorio Altamirano LLP pursues FINRA arbitration claims nationwide on behalf of investors to recover financial losses arising out of wrongful conduct by stockbrokers and brokerage firms.
Iorio Altamirano LLP is a bilingual law firm, fluent in both English and Spanish.