Securities Lawyers Blog
According to BrokerCheck records kept by The Financial Industry Regulatory Authority (FINRA) former advisor Gary Pevey (Pevey), formerly associated with Mutual Securities, Inc. (Mutual Securities) in Sacramento, California has been accused by his former firm over unapproved securities. In addition, Pevey has one customer complaint on his record.
In February 2018 Mutual Securities terminated Pevey stating that he violated policies concerning private securities transactions.
Thereafter in September 2018 a customer filed a complaint alleging that Pevey engaged in high-risk and fraudulent investments and inadequate supervision causing $171,000 in damages. The claim is currently pending.
At this time it is unclear the nature or scope of the alleged outside business activities (OBAs) and private securities transactions. Pevey’s public disclosures state that the activity was conducted through his Registered Investment Advisory (RIA) firm Wealth Design Group. It is unknown the nature of the transactions from public filings.