Posted 2/14/2013 02:14 pm
Updated 1 year ago
The Arkansas Securities Department on Thursday said it had approved a consent order revoking the broker-dealer registration of Michael Munson, who waived his right to a hearing and also agreed to the deal.
The department said Munson violated the Arkansas Securities Act through the sale of unregistered securities, committed securities fraud and misappropriated client funds.
The department also said that Munson performed investment advisory services despite not being registered as an investment advisor.
In the consent order, the department noted instances where it said investors lost money or investor money was used inappropriately. In one case, an investor didn't receive interest payments when due and didn't receive a return of the $100,000 investment made on the bond.
The order also connected Munson to a Ponzi scheme in California, to which he lost investor money. The department said there have been "a long line of customer complaints" about Munson dating to the early 2000s.