North Texas Adviser Fined for Not Disclosing $192,000 in Tax Liens

Dec 7

Richard L. Havard, a registered investment adviser representative in the North Dallas suburb of Prosper, has been fined $7,500 and reprimanded for failing to disclose $192,573 in IRS tax liens.

Texas Securities Commissioner Travis J. Iles imposed the sanctions in a Disciplinary Order entered Dec. 1. The order also granted Havard's application for registration as an agent of Dominion Investor Services Inc. and as an investment adviser representative of Dominion Portfolio Management Inc.

The IRS filed six tax liens against Havard from 2010 to March 2017. Havard violated State Securities Board rules that require registered individuals to report to the Securities Commissioner within 30 days any changes from previous filings, a category that includes unsatisfied judgments or liens.

Havard didn't disclose individual liens until between two and five years after they were filed against him.