The Secretary of State’s officer has suspended broker-dealer Brent Ray of Southaven for at least six months.
Ray is accused of borrowing money from a customer after the Secretary of State’s officer investigated. He was also fined $5,000, $2,500 for borrowing money from a customer and another $2,500 for material misrepresentations to the Securities Division.
Securities Division began their investigation in December of 2015 after a formal complaint was filed against Ray. He said he only took money from a “former customer” however, evidence found by Hosemann’s office found that the allegation was true and he borrowed money from a current customer.
During the investigation Ray said in the investigation that the Financial Industry Regulatory Authority (FINRA) had investigated his borrowing activity and found no violation. In January of 2017, the FINRA sanctioned him for violating its rule relating to borrowing from customers.
His suspension will last at least six months, after which he can apply for registration in Mississippi under heightened supervision.
