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The law firm of Oakes & Fosher is presently investigating the alleged misconduct of former securities broker Gary Pevey. According to his publicly available FINRA BrokerCheck report, Gary Pevey has been the subject of a customer dispute and a FINRA sanction.

Gary Pevey was a California based securities broker. He worked in the securities industry for twenty-six years. During his career, he was registered with three different securities firms. He is not currently working as a registered securities broker in any fashion.

His Registrations

  • NYLife Securities (1991-1997)
  • NFP Advisor Services (1997-2011)
  • Mutual Securities (2011-2018)

The Allegations 

Gary Pevey was officially sanctioned by FINRA in January 2019. The findings state that Pevey violated both FINRA rules and his member firm’s procedures by engaging in private securities transactions without member firm approval. Gary Pevey allegedly recommended unsuitable promissory notes related to a non-traded real estate investment fund to multiple customers. He allegedly sold these investors approximately $1.11 million worth of these promissory notes. For these alleged transactions, Gary Pevey received $40,027 in commissions. Due to these alleged actions, he was forced to repay the $40,027 in disgorgement, was fined an additional $10,000, and was suspended from acting as a securities broker in any fashion for a period of one year. Gary Pevey had already been discharged from his position at Mutual Securities when the allegations first came to light one year prior.

What Does This Mean?

Promissory notes are financial documents issued in exchange for a supposed loan. Companies who issue these notes essentially “promise” that a certain amount of money will be returned to the investor–plus interest. This often tricks many investors into believing that they are simply loaning these companies money in exchange for a significant interest rate. This lulls investors into a false sense of security as they believe they have not exposed their money to any actual risk. This is most certainly not the case. Promissory notes are usually only ever issued by speculative private companies looking to expand in some fashion. The speculative nature of these companies can often cause them to fail, which would make the promissory notes worthless.

Oakes & Fosher Can Help

Many investors are unaware of the legal recourse available to them after losing money due to securities broker fraud and/or negligence. The truth is that investors who have lost money in this fashion may actually be entitled to damages. Oakes & Fosher dedicates its entire legal practice to helping investors across the nation. If you, or someone you know, have lost money investing with Gary Pevey, please contact Oakes & Fosher for a free and private consultation. We work on a contingency basis, which means there are no fees charged unless we collect for you.