Investment Adviser Revoked for Refusing to Turn Over Emails

Jan 3

Texas Securities Commissioner Travis J. Iles last week revoked the investment adviser registration of Irving-based Jackson Financial Services after its president, David Jackson, repeatedly refused to turn over emails regarding his solicitation of clients.

The Disciplinary Order, entered Dec. 29, stemmed from a targeted inspection on Nov. 15 by Texas State Securities Board staff, which was investigating whether David Jackson was soliciting individuals via email to invest in private securities offerings.

State Securities Board staff asked Jackson to provide his email correspondence. Jackson refused and told staff to leave his office.

Jackson twice subsequently refused to furnish the emails, once in response to a Dec. 15 letter from staff and again in a Dec. 21 phone call with staff.

The Texas Securities Act and State Securities Board Rules require an investment adviser to grant the State Securities Board immediate and complete access to the adviser's records. Refusing to provide records is grounds for revoking registration.