Allan Boomer Subject of SEC Regulatory Action

Allan Boomer (CRD #: 4182424), a broker formerly registered with Goldman, Sachs & Company, has been fined by the SEC, according to his BrokerCheck record, accessed on May 4, 2025. If you have questions about his alleged conduct as a broker, keep reading.

SEC Regulatory Action

On March 7, 2025, the Securities and Exchange Commission instituted cease-and-desist proceedings against Allan Boomer and investment advisory firm Momentum Advisors.

The SEC alleged that Momentum Advisors provided its services to Franklin Morgan Fund 1 LLC, a private fund created to acquire and develop franchises, including a dry cleaning franchise.

Allan Boomer allegedly served as a partner of Momentum Advisors and a member of the general partner of Franklin Morgan Fund 1. He allegedly also served as the direct supervisor to Tiffany Hawkins, Momentum Advisors’ Chief Operating Officer.

He allegedly failed to reasonably supervise Tiffany Hawkins, who allegedly misappropriated approximately $223,000 from portfolio companies in which Franklin Morgan Fund 1 had invested.

The SEC further alleged that Momentum Advisors failed to establish written policies and procedures reasonably designed to prevent violations of the Investment Advisers Act of 1940 related to this alleged misappropriation.

Debt Payment Allegations

Additionally, the SEC alleged that Franklin Morgan Fund 1 purchased two franchise businesses jointly owned by a third party and a limited liability company that Allan Boomer and Tiffany Hawkins controlled.

In 2020, Allan Boomer allegedly caused Franklin Morgan Fund 1 to pay the full outstanding obligation on two loans provided to the franchises it purchased, when this debt should have been paid by the LLC owned by he and Tiffany Hawkins. This LLC allegedly owned 45% of these franchises.

The SEC alleged that by making Franklin Morgan Fund 1 pay the debt instead of satisfying the loans on a pro rata basis, the LLC generated an unearned benefit of $346,904.

Alleged Failure to Distribute Financial Statements

Lastly, the SEC alleged that Momentum Advisors failed to obtain and timely distribute annual audited financial statements to investors in Franklin Morgan Fund 1, in violation of Section 206(4) of the Advisers Act and Rule 206(4)-2 thereunder.

The SEC alleged that Allan Boomer violated Sections 206(2) and 206(4) of the Investment Advisers Act of 1940 and Rule 206(4)-8 thereunder, and failed reasonably to supervise within the meaning of Section 203(e)(6) of the Investment Advisers Act.

Investment Advisers Act of 1940

Section 206 of the Investment Advisers Act prohibits the use of deceptive, manipulative, and otherwise fraudulent practices by investment advisers. Rule 206(4)-8 specifically prohibits deceptive and fraudulent practices involving pooled investment vehicles.

Section 203(e)(6) allows the SEC to deny or suspend the registration of an investment advisory firm that has failed to reasonably supervise a person who violates regulations such as the Securities Act of 1933 or the Securities Exchange Act of 1934.

Sanctions

Allan Boomer was ordered to cease and desist from violations of Sections 206(2) and 206(4) of the Investment Advisers Act of 1940 and Rule 206(4)-8 thereunder. He was also fined $80,000 and ordered to comply with certain undertakings.

According to his detailed BrokerCheck report, the SEC also limited Allan Boomer from acting in a supervisory capacity with any of the following for twelve months:

• Brokers
• Dealers
• Investment advisers
• Municipal securities dealers
• Municipal advisors
• Transfer agents
• Nationally recognized statistical rating organizations (NRSROs)

Background Information

Allan Boomer has passed the following exams:

• National Commodity Futures Examination – Series 3
• General Securities Representative Examination – Series 7
• Uniform Combined State Law Examination – Series 66

He has also worked for Goldman, Sachs & Company (CRD#:361) and Merrill Lynch, Pierce, Fenner & Smith (CRD#:7691).

Kurta Law Can Help

If you worked with Allan Boomer and you have concerns about your investments, please contact us today at 877-600-0098 or info@kurtalawfirm.com for a free consultation.

For over 20 years, Kurta Law has advocated on behalf of investors who want to recover their investment losses from brokers and brokerage firms. Kurta Law is a nationally recognized law firm that exclusively represents investors against brokers and brokerage firms on a contingency basis. This means that the firm only earns a fee if our securities attorneys recover money on your behalf.