Posted 10/1/2012 12:00 am
Updated 7 months ago
Here's another unfortunate development for Chris Collier, the former financial adviser for defunct Stanford Financial Group in Little Rock: He's lost his insurance license.
Collier's license as a broker-dealer and investment adviser was revoked in July, and he was fined $10,000 by the Arkansas Securities Department for selling $300,000 worth of Stanford's worthless CDs to a retiree whose total portfolio was less than $700,000.
But Collier, who was then working for Bean Hamilton Corporate Benefits in Little Rock, failed to notify the Arkansas Insurance Department within 30 days that he'd been disciplined for fraudulent and dishonest business practices, as required by state law.
Collier waived his right to counsel and to an administrative hearing and consented to the revocation, which was signed by Insurance Commissioner Jay Bradford on Sept. 6.
Collier is no longer employed by Bean Hamilton, and his cellphone wasn't accepting calls last week.
Collier, you may recall, filed for bankruptcy in July 2010, about a year and a half after the Securities & Exchange Commission declared CDs issued by "Sir" Allen Stanford's bank in Antigua to be a multibillion-dollar Ponzi scheme. In his bankruptcy schedules, Collier listed nearly 30 clients who might have a claim because he sold them the bogus CDs.
Two of those clients - Nancy McGraw of Little Rock and Pfeifer Sutter Family LLC of Benton, led by attorney Luther Sutter - are still contesting discharge of their claims. A trial on their challenge was held in July, but U.S. Bankruptcy Judge John Mixon had not entered a decision last week.