Robert Allen: FINRA Suspends Ex-Country Capital Broker

Robert Allen (CRD# 6267678), formerly a broker based in Augusta, Georgia, was recently the subject of a disciplinary action by the Financial Industry Regulatory Authority concerning allegations he improperly participated in an outside business activity. Previous a representative of Country Capital Management Company, Allen was issued a three-month suspension and a fine of $5,000.

According to a Letter of Acceptance, Waiver and Consent (No. 2019061185701) dated December 2019, Robert Allen was associated with Country Capital Management Company from December 2013 until the firm terminated his registration in January 2019. FINRA’s findings state that between December 2013 and December 2018, he engaged in the sales of investment company and insurance products through the firm, as well as through its insurance company affiliates. FINRA states that although his contract with those insurance affiliates stipulated that he could not sell insurance products “through other, non-affiliated insurance companies,” he nonetheless earned commissions of about $143,000 “by selling fixed indexed annuities through a no-affiliated insurance company with whom he had a prior business relationship.” FINRA states that he did not at any point during the relevant period disclose this outside business activity to his member firm, and then he further submitted to the firm “five attestations” in which he asserted falsely that he was not engaged in other businesses. FINRA found that these actions constituted violations of FINRA Rules 3270 and 2010. As a result of the foregoing alleged conduct, he was issued a three-month suspension from associating with any FINRA member firm in any capacity. He was also ordered to pay a fine of $5,000.

Robert Allen is currently not registered as a broker or investment adviser. His previous registrations include Country Capital Management Company in Augusta, Georgia. He has passed three securities industry qualifying examinations and his BrokerCheck report lists zero state securities licenses. (Information current as of May 12, 2020.)