Articles Tagged with First Allied Securities

Investors Alleging Negligence and Mishandling of Their Retirement Funds Win FINRA Case

A Financial Industry Regulatory Authority (FINRA) panel arbitration is ordering First Allied Securities and financial adviser Larry Glenn Boggs to pay claimants and early retirees Nita and Mike Snow over $578K in compensatory damages, $500,000 in punitive damages, $350K in attorney’s fees, and $60K in other costs related to losses they sustained. Boggs had worked with the Snows on their early retirement plan, which included investing in the Sun America Life-issued variable annuity the Polaris Advantage II and other investments.

In their securities arbitration claim, the Snows sought compensation from Boggs, First Allied Securities, First Allied Advisory Securities, and American Retirement Solutions of Louisiana, LLC. All of them denied wrongdoing.

A Financial Industry Regulatory Authority panel has awarded over $4.3M to investors in their elder financial fraud case against former First Allied Securities broker Anthony Diaz. The plaintiffs contend that he invested their retirement funds in high risk private placement investments that were unsuitable for them. They are alleging inadequate supervision, misrepresentation and omissions, unsuitability, fraud, and other violations.

Diaz is considered to be a rogue broker by the regulator, who barred him in 2015. He not only worked at 11 firms win 14 years, but also he appeared to have no problem getting another job whenever he was let go from a previous. Diaz’s BrokerCheck profile shows that he is named in 53 customer dispute and regulatory disclosures.

The arbitration award to the investors is over $1M in compensatory damages, more than $413K in legal fees, and $2.9M in punitive damages. They settled with First Allied Securities last year.

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