Oklahoma Regulator Seeks Bar Of Arvest Stockbroker
William David Lancaster of Wagoner Oklahoma a stockbroker formerly registered with Arvest Wealth Management is the subject of a State of Oklahoma Department of Securities Amended Enforcement Division Recommendation seeking that Lancaster be barred for two years founded on accusations that he engaged in discretionary trading and falsified his application for agent and investment advisor registration in the state. In the Matter of William David Lancaster ODS File 18-085 (May 8, 2018).
According to the Enforcement Division of the Oklahoma Department of Securities, Lancaster was previously employed by Edward Jones, where he was subject of Edward Jones’ December 12, 2017 internal investigation into Lancaster’s apparent exercise of discretion in customer accounts in violation of the firm’s policies. The Enforcement Division alleged that Lancaster acknowledged to an Edward Jones investigator that he had placed trades in as many as twenty different customer accounts on a discretionary basis; he would contact customers after trades had been placed in their accounts instead of procuring their approval for trades beforehand.
The Enforcement Division noted that on February 6, 2018, a Form U5 had been submitted by Edward Jones which disclosed that Lancaster resigned from Edward Jones in the midst of the firm’s investigation into allegations of Lancaster’s unauthorized trading in customer accounts. Apparently, two days later, Lancaster sought registration with Arvest in the capacity of investment advisor and agent. Lancaster reportedly submitted statements to both Arvest and the Administrator of the Department of Securities where Lancaster contended that he was not cognizant that he had been subject of Edward Jones’ internal investigation at the time that his employment with Edward Jones had been terminated.
The Enforcement Division alleged that Lancaster was unethical and dishonest by effecting trades in customer accounts on a discretionary basis without first procuring the customers’ written authorization and the firm’s approval; conduct violative of 660:11-5-42 of the Rules of the Oklahoma Securities Commission. Moreover, the Enforcement Division alleged that Lancaster’s false or misleading statements in his application for registration was violative of Oklahoma Securities Act Section 1-505.
Financial Industry Regulatory Authority (FINRA) Public Disclosure confirms that on January 12, 2009, a customer filed an investment related complaint involving Lancaster’s activities in which the customer sought $5,000.00 in damages supported by accusations that while Lancaster was associated with Edward Jones, the customer was misled in the course of purchasing securities and did not receive a prospectus.
Lancaster was terminated from Arvest Wealth Management on March 28, 2018 based upon allegations of his violative conduct referenced by the Oklahoma Department of Securities.
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