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Kirk Betsch: Former Farmers Financial Broker Suspended
A disciplinary action taken by the Financial Industry Regulatory Authority against former Spearfish, South Dakota broker Kirk Betsch (CRD# 4132889) suspended him over allegations he participated in an undisclosed and unapproved private securities transaction. A former representative of Farmers Financial Solutions, Betsch was ordered to disgorge a sum of $1,500 and suspended for one month.
According to a Letter of Acceptance, Waiver and Consent (No. 2018059666301) dated February 2019, was associated with Farmers Financial Solutions when in October 2017 he solicited an investor to purchase a promissory note investment connected to the Woodbridge Group of Companies, “a purported real estate fund” that filed for Chapter 11 bankruptcy in December 2017. According to FINRA, Kirk Betsch sold the investor a $50,000 promissory note and received commissions of $1,500. He also personally invested a sum of $240,000 in Woodbridge notes, according to FINRA’s findings, which go on to state that his firm’s supervisory procedures required its representatives to seek and receive approval before the enter into private securities transactions. According to FINRA, he did not give his member firm prior written notice before engaging in the transaction, nor receive its approval. FINRA states that these actions constituted violations of FINRA Rules 3280 and 2010. As a result of the foregoing alleged conduct, he was suspended from association with any FINRA member firm in all capacities for one month. He was also ordered to disgorge the $1,500 commissions he received.
According to his disclosure records, Kirk Betsch was also named in a July 2018 sanction by securities authorities in South Dakota, in connection to allegations he “failed to obtain proper approval from his firm before engaging in private securities transactions with Woodbridge Wealth.” He was ordered to cease and desist and to pay a fine of $5,000.
Kirk Betsch is not currently registered as a broker or investment advisor. His employment history includes Farmers Financial Solutions in Spearfish, South Dakota and Investors Brokerage Services in Elgin, Illinois. He currently holds no state licenses and has passed three securities industry qualification examinations.