Securities Department Goes After Firm That Did Business With Martha Shoffner's Office

by Gwen Moritz  on Tuesday, Mar. 11, 2014 9:06 am  

Abshure said the ethics complaints by Stephens Inc. and Keenan were the only ones that had been filed against him since he became securities commissioner in 2007.

"At the end of the day, I've got two complaints filed against me by entities that are mad that I'm doing my job," he said.

Crain Suspended

On Feb. 28, Abshure signed an order temporarily suspending W. David Crain's broker-dealer and investment adviser registrations, the day after two investigators were refused entry to his office.

Crain is a CPA who did securities sales part-time through St. Bernard Financial. Keenan, the CEO of St. Bernard, said Monday that Crain was no longer associated with the firm.

According to the complaint that Freydl filed with Abshure, investigators from the ASD had been trying to set up a visit to Crain's office for more than a month, but Crain tried to beg off until after tax filing season ends on April 15.

In a Feb. 26 email, Crain said he was getting out of the securities business anyway and "effective today, I am surrendering all my licenses."

Two investigators arrived at Crain's office on the afternoon of Feb. 27, only to be refused entry, prompting the temporary order of suspension.

"When someone's under investigation, you can't just say, 'I quit,'" Abshure told Arkansas Business.

 

 

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