Sonn Law Group is investigating claims regarding Royce Oliver Simpson (CRD #1403356, Seabrook, Texas). Simpson recently submitted a Letter of Acceptance, Waiver and Consent (“AWC”) in which he was assessed a deferred fine of $15,000 and suspended from association with any FINRA member in any capacity for eight months. See FINRA Case #2013039492903. The suspension is in effect from March 16, 2015, through November 15, 2015. Simpson was associated with Oppenheimer & Co., Inc., from November 2011 until February 2014. Simpson previously was associated with UBS Financial Services, Inc., from August 2000 until November 2011.
FINRA found that Simpson engaged in an outside business activity without his member firm’s knowledge or permission. In particular, FINRA found that Simpson loaned approximately $70,000 to Continental Africa Resources, LLC, to fund small-scale gold mining operations in Ghana, Africa. FINRA also found that Simpson requested approval from Oppenheimer to invest in the business, but Oppenheimer denied the request. Simpson continued to loan funds to Continental Africa Resources, LLC, despite Oppenheimer’s denial, and did not disclose the loans to Oppenheimer, according to FINRA.
In addition, FINRA was investigating Simpson’s relationship with certain officials of Bernalillo County, New Mexico. Simpson failed to respond to FINRA’s requests for documents and information related to this investigation. In November 2014, the New Mexico Securities Division initiated a regulatory investigation regarding Simpson’s alleged unsuitable recommendations in long-term US agency bonds. The New Mexico regulatory inquiry remains pending.
Pursuant to FINRA Rules, member firms are responsible for supervising a broker’s activities during the time the broker is registered with the firm. Therefore, Oppenheimer or UBS may be liable for investment or other losses suffered by Simpson’s customers.
If you were a client of Oppenheimer, UBS, or Simpson and have suffered investment losses or financial irregularities, please contact Sonn Law Group to explore your legal options. Sonn Law Group is a nationally recognized law firm representing individuals, trusts, corporations and institutions in claims against brokerage firms, banks and insurance companies. To learn more, please call us at 844-689-5754 or complete our “contact form.”