- August 17, 2021
- Valic Financial Advisors
Enoch Booth (CRD#: 4370233) is a previously registered Investment Advisor and previously registered Broker at VALIC Financial Advisors, Inc. in Columbia, SC. He entered the securities industry in 2001 and previously worked for The Variable Annuity Marketing Company.
According to publicly available records released by the Financial Industry Regulatory Authority (FINRA), in July, FINRA sanctioned Enoch Booth, barring him from all capacities, indefinitely, beginning on July 20, 2021. The FINRA sanction states, “Without admitting or denying the findings, Booth consented to the sanction and to the entry of findings that he failed to provide documents requested by FINRA in connection with its investigation into facts surrounding his termination from his member firm. The findings stated that this matter originated from a Uniform Termination Notice for Securities Industry Registration (Form U5) filing by Booth’s member firm that was later amended, reporting that he was terminated for failing to disclose a series of private securities transactions, failing to disclose a self-directed individual retirement account (IRA), and providing gift cards to clients in violation of the firm’s policy.”
For a copy of the FINRA sanction, click here.
In addition, Enoch Booth has been the subject of one customer complaint, including the following:
● December 2020–”Mr. Booth was terminated for failing to disclose a series of private securities transactions, failing to disclose a self-directed IRA, and providing gift cards to clients in violation of Firm policy.” Enoch Booth was discharged by VALIC Financial Advisors, Inc.
For a copy of Enoch Booth’s FINRA BrokerCheck, click here.
Often times, Financial Advisors who participate in private securities transactions are said to be “selling away.” FINRA strictly prohibits financial advisors from “selling away” or selling securities and investments to clients that are not offered by the brokerage firm with which they are employed. For example, it is illegal and a violation of industry rules for a financial advisor to recommend or even suggest that a client invest in the financial advisor’s own business or a business operated by his or her friends or family. It is not necessary that the financial advisor earn any compensation for recommending an outside investment.
The purpose behind this prohibition is to ensure that a financial advisor only offers to sell securities that have been vetted by his or her employer brokerage firm through a rigorous due diligence process. Most brokerage firms have an approved list of investments, products, and research that can be provided or made available to clients. Any deviation by the financial advisor from the approved product list may constitute selling away.
Financial advisors have a legal and regulatory obligation to recommend only suitable investments that are appropriate for their clients’ needs and objectives. Their employing brokerage firm has a legal and regulatory obligation to supervise the Financial Advisors’ sales practices and dealings with clients. To the extent any of these duties are breached, the customer may be entitled to a recovery of his or her investment losses.
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