July 2021- Waxahachie, TX
According to publicly available records, Legacy Wealth Advisors, a registered investment advisor located in Waxahachie, Texas, was recently reprimanded and fined $15,000 by the Texas State Securities Board.
The Texas State Securities Board (TSSB) is responsible for administering and enforcing the Texas Securities Act.
Legacy Wealth Advisors Failed to Register
The TSSB found that Legacy Wealth Advisor’s registration with the Texas Securities Commissioner had lapsed on two different occasions — 2019 and 2020 – for failure to timely pay annual renewal fees and that Legacy Wealth Advisors was unlicensed for the entirety of 2020. Additionally, Legacy Wealth Advisors failed to timely renew the registrations of two investment adviser representatives. One of these remained unlicensed at the time of the inspection. Yet both Legacy Wealth Advisors and the two representatives had provided investment advice to their clients during this unregistered period.
The TSSB further found that:
- From 1/1/2020-2/21/2021 Legacy Wealth Advisors and one of their Investment adviser representatives were rendering investment advisory services for compensation at a time when neither were registered with the Securities Commissioner in violation of Section 12.B of the Texas Securities Act
- Legacy Wealth Advisors had not established any written supervisory procedures that were reasonably related to its investment advisory activities, including provisions regarding Texas registration requirements.
As a part of the resolution of the matter Legacy Wealth Advisors agrees to retain an independent outside consultant acceptable to TSSB staff to examine the company’s business activities to monitor for compliance with all applicable securities laws.
Danny J. Frazell is president of Legacy Wealth Advisors, Inc.
If you have questions about an account handled by Legacy Wealth Advisors, call to discuss with an experienced securities attorney.
Rex Securities Law , with offices in Boca Raton, FL, and Austin, TX, provides representation to investors nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney.
Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.
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