Penrod Financial Group Sanctioned by
Texas Securities Regulator
March 2023- Austin, TX
On February 16, 2023, the Texas State Securities Board (TSSB) entered an order sanctioning Penrod Financial Group, a FINRA registered broker dealer with headquarters in Branson, Missouri.
According to the TSSB order, in August 2015 certain clients of Penrod relocated from Missouri to Texas and certain other Texas residents inherited accounts from non-Texans and thereafter became clients of Penrod Financial Group. From August 2015 through June 2022, Penrod acted as a ‘dealer’ in Texas to certain clients in violation of Section 4004.051 of the Texas Securities Act by selling securities in Texas during a time when Penrod Financial Group was not registered as a dealer with the Texas Securities Commissioner.
The TSSB reprimanded Penrod Financial Group and assessed an administrative fine of $6,500.
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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