Former Lenexa, Kansas broker and investment adviser Douglas Elstun (CRD# 2338588) has been named in a pending SEC enforcement action...Read More
Gary Pevey: Financial Advisor Suspended For 12 Months Relating to Woodbridge Notes
Today the Financial Industry Regulatory Authority released a Letter of Acceptance, Waiver and Consent, suspending Sacramento-based financial advisor Gary Pevey for 12 months and fining him $10,000. According to the public document, Pevey sold $1.1 million of promissory notes of the Woodbridge Group of Companies LLC to 15 investors. Five of the investors were clients of Mutual Securities. FINRA found that Pevey violated FINRA Rule 3280, because “Pevey did not provide notice to Mutual Securities prior to participating in these private securities transactions, nor did he obtain approval from the Firm.” FINRA also found that Pevey received $40,027 in commissions for selling the promissory notes.
Pevey was fired from Mutual Securities, Inc. on or around February 23, 2018, for “violation of FINRA Rule 3280, Private Securities Transaction of an Associated Person.” Mutual Securities cited the same rule violation when it terminated Pevey that FINRA found when it suspended him.
There is currently one customer complaint on Pevey’s record, seeking $171,000 in damages for “alleged sales of high-risk and fraudulent investments and inadequate supervision.” Most likely that complaint relates to the Woodbridge promissory notes.
If you purchased Woodbridge promissory notes, please call us at 888-976-6111 for a free consultation.