Red Flags
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Allan J. Boomer
Allan J. Boomer and Momentum Advisors faced SEC charges for fiduciary breaches, misuse of client funds, and compliance failures. He failed to supervise a colleague who misappropriated funds and authorized improper debt payments. These violations led to regulatory sanctions, reputational damage, and loss of client trust.
Quick summary on Allan J. Boomer
Allan J. Boomer, formerly the managing partner at Momentum Advisors LLC, has been implicated in several controversies and regulatory actions that raise concerns about his professional conduct and integrity. Below are five key negative points associated with him:
Misuse of Client Funds
Between August 2021 and February 2024, Boomer’s colleague, Tiffany L. Hawkins, misappropriated approximately $223,000 from portfolio companies managed by Momentum Advisors. She used company debit cards for over 100 personal transactions, including vacations and clothing, and paid herself compensation beyond her authorized salary. Boomer failed to supervise Hawkins adequately despite clear red flags of her misconduct.
Unauthorized Debt Payment
Boomer caused a private fund to pay a business debt of $346,904 that should have been covered by an entity he and Hawkins controlled. This action resulted in an unearned benefit to their entity at the expense of fund investors, highlighting a breach of fiduciary duty and misuse of client assets.
Regulatory Sanctions by the SEC
In March 2025, the Securities and Exchange Commission (SEC) filed settled charges against Momentum Advisors, Boomer, and Hawkins for breaches of fiduciary duties and misuse of fund assets. Boomer agreed to pay an $80,000 civil penalty and accepted a 12-month supervisory suspension, reflecting the severity of the violations.
Inadequate Compliance Measures
Momentum Advisors, under Boomer’s leadership, failed to implement adequate policies and procedures to prevent misconduct. The firm also neglected to ensure that the private fund was audited as required by the Investment Advisers Act of 1940, indicating significant compliance shortcomings.
Reputational Damage and Client Distrust
These regulatory actions and ethical breaches have led to substantial reputational damage for Boomer and Momentum Advisors. Clients may question the firm’s integrity and the safety of their investments, potentially resulting in loss of business and legal repercussions.
In conclusion, the actions and oversights involving Allan J. Boomer and Momentum Advisors underscore the critical importance of ethical conduct and robust compliance in the financial advisory industry. Investors and clients should exercise due diligence and remain vigilant to ensure their assets are managed responsibly.
by: Theo Clark
The scariest part is how long this went unnoticed. From 2021 to 2024, Hawkins was draining funds and Boomer apparently just looked the other way. Either he was grossly incompetent or intentionally avoiding the truth either way, that’s not someone...
by: Karla Page
Using investor funds to cover your own business debts is such a blatant violation of trust. Boomer and Hawkins were supposed to be managing money for others, not helping themselves to the cash. It’s actions like these that give the...
by: Finn Brooks
That $80K penalty is nothing compared to the trust clients lost in him
by: Liana Prince
If Boomer can't even supervise his own partner properly, how can anyone trust him with their money
by: Eli Barnes
His unauthorized use of private fund assets to settle a business debt highlights conflicts of interest and fiduciary breaches.
by: Ava Dixon
SEC sanctions and a supervisory suspension signal serious regulatory violations.
by: Blake Hughes
Boomer failed to supervise his firm properly—leading to financial misconduct.