Secretary of State Jay Ashcroft’s Securities Division issued a consent order against investment advisor representative, Douglas W. Coe, and his firm, Moody Reid Financial Advisors, L.P. for violations of the Missouri Securities Act stemming from the respondents’ failure to comply with reporting requirements to the Missouri Securities Division.
During a routine examination of Moody Reid in March 2020, the examinations section of the Securities Division identified several violations of the Missouri Securities Act. Following the filing of a petition to cease and desist, Coe consented to Missouri Securities Commissioner David Minnick’s findings and agreed to pay $40,000 to the Investor Education and Protection Fund. As part of the agreement, additional civil penalties and being barred from further dealings in the securities profession were suspended pending Mr. Coe’s correction of all violations within 180 days and completion of a three-year period with no additional violations.
“Maintaining standards that are required of all investment advisors and investment advisor representatives when conducting business in Missouri is not a small matter,” said Ashcroft. “In an effort to protect investors, repeat violations by advisors may warrant a permanent suspension.”
Secretary Ashcroft urges investors to call the toll-free investor protection hotline at 800-721-7996 or the Missouri Protects Investors website for more information or to file a complaint.
