2017
Michael Keith Parish, a San Antonio investment adviser, has been suspended for 30 days and fined $5,000 for 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.
The order requires Parish to hire an outside auditor to perform a verification of assets under his control and submit the report to the State Securities Board within 60 days from the date of the order.