Leroy Born (CRD #4052650) Has 26 Customer Dispute Disclosures and 1 Employment Separation Disclosure on FINRA BrokerCheck

Leroy Born (CRD #4052650) was previously registered as a broker. We reviewed his BrokerCheck report on March 19, 2026. BrokerCheck reflects 26 customer dispute disclosures and one employment separation disclosure. If you invested with Leroy Born and have concerns, keep reading.

BrokerCheck link: BrokerCheck

BrokerCheck report: BrokerCheck Report (PDF)

Employment Separation After Allegations

Leroy Born’s FINRA BrokerCheck report reflects one employment separation disclosure. A summary of that disclosure is below:

According to Leroy Born’s FINRA BrokerCheck report, Wells Fargo Clearing Services, LLC discharged him on June 18, 2025. The report states a review found he recommended investments that were inconsistent with certain clients’ recorded investment profiles and risk tolerances. BrokerCheck lists the product type as debt-government.

Investor Disputes / Customer Complaints

Leroy Born’s FINRA BrokerCheck report reflects 26 customer dispute disclosures. Two examples appear below. BrokerCheck reflects 24 additional customer dispute disclosures.

On January 12, 2026, a client alleged Leroy Born made an unsuitable investment recommendation. Leroy Born’s FINRA BrokerCheck report lists the product as U.S. Treasury STRIPS and states the matter settled on January 16, 2026, for $102,033.04. The report shows no individual contribution by Born.

On September 18, 2025, a client alleged Leroy Born did not explain the potential interest rate risk of a long-term investment or the lack of tax advantage. Leroy Born’s FINRA BrokerCheck report lists the product as debt-municipal and shows the matter settled on November 14, 2025, for $23,975.27. The report again shows no individual contribution by Born.

Rule Summary #1: FINRA Rule 2111 (Suitability)

FINRA Rule 2111 requires a broker to have a reasonable basis for a recommendation. It also ties the recommendation to the customer’s investment profile, including risk tolerance and investment goals. Disputes about unsuitable recommendations often raise questions about whether the investment fit those factors.

Rule Summary #2: FINRA Rule 3110 (Supervision)

FINRA Rule 3110 requires firms to maintain a supervisory system designed to achieve compliance with securities laws and FINRA rules. When a firm reviews recommendations against client profiles and risk tolerances, supervision is often a central issue.

Why This Matters to Investors (Regulation Best Interest)

Regulation Best Interest (Reg BI) is a U.S. securities regulation. It strengthens the standard of conduct that broker-dealers owe to retail investors. It applies when they recommend securities transactions or investment strategies. The U.S. Securities and Exchange Commission adopted Reg BI. It became effective on June 30, 2020. Reg BI aims to protect investors while preserving access to brokerage products and services.

Reg BI requires broker-dealers and financial advisors to act in a retail customer’s best interest at the time of a recommendation. They must not place their own financial or other interests ahead of the customer’s. This standard is higher than the older “suitability” rule. Suitability meant a recommendation only had to be appropriate. It did not have to be the best option or free of conflicts.

Reg BI has four key obligations:

Disclosure Obligation – Broker-dealers must disclose material facts about the relationship and the recommendation. This includes fees, the scope of services, and conflicts of interest.

Care Obligation – Broker-dealers must use reasonable diligence, care, and skill. They must consider costs, risks, and alternatives when making a recommendation.

Conflict of Interest Obligation – Firms must identify conflicts of interest. They must disclose them and mitigate or eliminate them. This includes conflicts that create incentives to favor one product over another.

Compliance Obligation – Firms must maintain policies and procedures. Those policies should be designed to ensure compliance with Reg BI as a whole.

Reg BI applies to each recommendation. It is not a continuous duty like the fiduciary standard for registered investment advisers. Even so, it narrows the gap. It puts more focus on costs, conflicts, and investor-focused decision-making.

Overall, Regulation Best Interest promotes transparency. It also aims to improve the quality of investment recommendations. It is designed to reinforce trust between retail investors and broker-dealers in the U.S. securities markets.

Background Information (from BrokerCheck)

Based on his FINRA BrokerCheck report, Leroy Born:

Is not currently registered as a broker.

Has passed two general industry or product exams and one state securities law exam.

Was previously registered with Wells Fargo Clearing Services, LLC, U.S. Bancorp Investments, Inc., and UnionBanc Investment Services, LLC.

Kurta Law Can Help

If you worked with Leroy Born and have concerns about your investments, Kurta Law may be able to help you evaluate your legal options. To speak with Kurta Law, call 877-600-0098 or email info@kurtalawfirm.com.

Helpful resources: Unsuitable Investments | Securities Attorney

For nearly 20 years, Kurta Law has advocated for investors and helped hold financial professionals accountable. Our firm represents clients nationwide in securities arbitration and related disputes. If you believe a broker or firm mishandled your account, an attorney can review the facts and explain possible next steps.