Keith Todd Ashley Investigation
June 2022- Allen, TX
According to publicly available records, Keith Todd Ashley, a currently unregistered financial advisor who previously was employed by Parkland Securities discloses a pending regulatory event and a termination from employment.
The Financial Industry Regulatory Authority (FINRA) is the agency that licenses and regulates stockbrokers and brokerage firms. FINRA requires brokers and brokerage firms to report customer complaints and disputes as well as regulatory sanctions. In addition brokers are required to disclose certain financial matters such as personal bankruptcies, judgments and liens.
In 12/2021, FINRA alleged that Ashley failed to provide information requested by FINRA in connection with an investigation that began with reviewing the circumstances of his termination from his member firm, including whether he engaged in undisclosed outside business activities or participated in private securities transactions. Subsequently, FINRA began investigating the allegations set forth in a federal indictment, including whether Ashley defrauded investors or misappropriated funds from investors, including customers of the firm. A federal grand jury indicted Ashely on six counts of wire fraud alleging, among other things, that he solicited money from his victims under the pretense that he was investing those funds in a Unit Investment Trust (UIT). The indictment further alleged that Ashely made false statements when soliciting these investments including that they were guaranteed returns and that there was no risk to the initial principal investment. According to the indictment, instead of investing the funds in a UIT, Ashley allegedly spent more than $1 million he solicited on personal expenses, such as spending at casinos, payments on personal credit cards, mortgage payments and collage tuition and student loan payments. That case is still pending.
In 10/2020, Parkland Securities terminated Ashley because they had reason to believe that Ashley engaged in undisclosed outside business activities and also failed to provide them with prior notice of private securities transactions involving his privately held company. Ashley had been with Parkland Securities since 2/2002.
If you have losses in an account handled by Keith Todd Ashely, call to learn how you may be able to recover damages through FINRA arbitration.
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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