2017
The following is the quarterly report of administrative actions and orders taken by the State Securities Board from July 1 through Sept. 30, 2017.
Michael Keith Parish: Suspended, Fined
Michael Keith Parish, a San Antonio investment adviser, was suspended for 30 days and fined $5,000 for violating Texas State Securities Board rules regarding custody of client funds.
Texas Securities Commissioner John Morgan entered the Disciplinary Order on July 18.
Parish violated the State Securities Board rule that prohibits investment advisers from maintaining custody of client funds or securities unless certain safeguards are in place.
Parish violated another Board rule by failing to keep ledgers and other records that provide information on his business's assets, liabilities, reserve capital, and income.
State Securities Board staff uncovered the violations in a March 2017 inspection of Parish's business.