Ted Oakley, a well-known figure in the financial industry, is much like a ship that suddenly finds itself in stormy waters. With the Securities and Exchange Commission breathing down his neck over alleged violation of rules, Oakley, based out of Corpus Christi, Texas, has been plunged into deep water. No stranger to the securities industry with 47 years of experience, he now faces turbulent times that could affect his professional credibility and career.
The crew of this proverbial ship, the regulators from the Financial Industry Regulatory Authority (FINRA), have pulled up his records and zeroed in on two damaging disclosures. Oakley, registered as a broker with Herndon Plant Oakley and an investment advisor with Oxbow Advisors, is under the SEC’s scrutiny which could possibly catapult into an enforcement action.
Need a crash course in securities fraud? Picture an elaborate game of poker where deception is expressly prohibited but practiced under the table. The SEC is investigating Oakley under allegations according to “Sections 10(b) of the Exchange Act of 1934 (“Exchange Act”) and Rule 10b-5,” – which prohibits misrepresentations.
“Rule 10b-5” guards against “manipulative and deceptive practices.” Imagine if you will, a gnome in a flower garden. The gnome looks harmless, even benign. But what if, under cover of night, the gnome damages the flowers, sprinkles poison, and sabotages the garden? Such is the nature of underhand financial tactics in the world of securities. The SEC alleges that Oakley might have indulged in creating fraudulent smoke screens, spinning half-truths, and possibly orchestrated schemes that deceived clients and investors alike. This a grave accusation considering the damage these can cause to the ecosphere of trust and transparency in the financial world.
Let’s rewind the clock for a moment. A complaint filed against Oakley in 1998 accused him of recommending unsuitable investments, unnecessarily frequent trading (or churning) of a client’s account, and outright fraud. The matter was eventually settled at a steep $50,000.
As the current investigation heats up, one can’t help but ask: Is this a pattern of behavior? Is this uncharted territory, or is Oakley sailing familiar and incredibly murky waters?
Oakley holds an impressive number of licenses and has cleared a handful of major securities industry exams, which makes the accusations against him all the more intriguing. Yet, it all boils down to trust – isn’t it? Just as a sail is to a ship, trust can steer a professional’s career. Has Oakley torn his sail with his alleged actions?
While Oakley fights his alleged breaches, Haselkorn & Thibaut, a national law firm, stands ready to assist aggrieved investors. If you’ve found yourself tossed around by the financial storm churned by advisors like Oakley, relief is but a phone call away. Dial 1-800-856-3352 for a free and completely confidential consultation. The storm might be raging now, but with Haselkorn & Thibaut, the sun will shine again on your investments.
