2018
Texas Securities Commissioner Travis J. Iles entered a Disciplinary Order on Jan. 30 that suspended Jason N. Anderson, a Beaumont investment adviser representative, for charging unreasonable fees to clients.
The order suspended Anderson for 90 days. It also granted the registration application of Anderson with Financial Management Services of America LLC, which had been pending since July 2017.
Anderson, while registered as an agent of a previous employer, LPL Financial LLC, recommended an active-trading strategy based on an analysis of a stock's current price compared with its historical prices. He recommended the active-trading program to clients who had stated their preference for growth with a moderate amount of risk.
The active-trading program, however, would have had to generate extraordinary returns to offset the trading costs and commissions paid to Anderson. One client's costs were nearly 30% of the equities held in the account.
The trading costs and commissions constituted inequitable practices in the sales of securities, a violation of the Texas Securities Act.