Securities Lawyers Blog
According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker George Collett (Collett), previously associated with Landoak Securities, LLC, has at least one disclosable event. These events include one tax lien, alleging that Collett recommended unsuitable investments in different investment products including debt securities among other allegations and complaints.
FINRA BrokerCheck shows a final customer complaint on September 20, 2024.
The Securities and Exchange Commission (‘Commission’) deems it appropriate and in the public interest that public administrative and cease-and-desist proceedings be, and hereby are, instituted against George R. Collett (‘Collett’ or ‘Respondent’). In anticipation of the institution of these proceedings, Respondent has submitted an Offer of Settlement which the Commission has determined to accept. The commission finds that ese proceedings concern the Respondent’s failure to implement policies and procedures reasonably designed to prevent violations of the Advisers Act and rules thereunder, and his failure to reasonably supervise another associated person who engaged in a multi-year ‘cherry picking’ scheme in which Respondent’s supervisee (the ‘Advisor’) disproportionately allocated profitable trades to favored clients and unprofitable trades to other clients from at least January 2020 through January 2022 (the ‘relevant period’). As a result of his conduct, Collett willfully aided and abetted and caused Your Source’s violations of Section 206(4) of the Advisers Act and Rule 206(4)-7 thereunder and Collett failed reasonably to supervise Advisor within the meaning of Sections 203(e)(6) and 203(f) of the Advisers Act with a view to preventing Advisor’s violations of Sections 17(a)(1) and 17(a)(3) of the Securities Act of 1933, Section 10(b) of the Securities Exchange Act of 1934 and Rules 10b-5(a) and 10b-5(c) thereunder, and Sections 206(1) and 206(2) of the Advisers Act.
