Financial Advisor Troy Baily, Sagepoint Financial in Omaha, NE
FINRA Reportedly Suspends and Fines Troy Baily for Alleged Unapproved Securities Sales
According to ThinkAdvisor on October 20, The Financial Industry Regulatory Authority (FINRA) has reportedly suspended former Sagepoint advisor Troy Robert Baily (Troy Baily) for six months after allegations of undisclosed and unapproved sale of private securities. In addition to the suspension, Bailey will reportedly be required to pay a $5,000 fine.
FINRA alleges that in 2017, Baily solicited clients to invest $210,000 in Future Income Payments, LLC (FIP), a company which represented itself as a structured cash flow investment that purchased pensions at a discount from pensioners and then sold a portion of those pensions to investors, promising returns of 7% to 8%.
Three of the four investors who bought the securities from Baily were reportedly SagePoint customers, who initiated a FINRA complaint against the firm, according to news reports.
Future Income Payments, which closed its doors in 2018, left investors holding the bag with nearly $300 million in unpaid investor payments. FIP and its owner were reportedly charged with conspiracy to engage in mail and wire fraud in March 2019.
According to his broker report, Baily was reportedly affiliated with Sagepoint Financial in Omaha, NE from 2014 to 2018. According to FINRA, in March 2018, SagePoint terminated Baily’s Finra registration and its association with him.
Investigating Potential Lawsuits
The White Law Group has handled a number of claims involving broker-dealers and sales agents who improperly recommended Future Income Payments to investors.
Sagepoint and all brokerage firms have a responsibility to adequately supervise its employees. They must ensure the necessary procedures and systems to detect misconduct. The White Law Group continues to investigate claims on behalf of investors in Future Income Payments (FIP)
The White Law Group is a national securities fraud, securities arbitration, and investor protection law firm with offices in Chicago, Illinois and Franklin, Tennessee.
Filing a Complaint against your Brokerage Firm
If you are concerned about your investments with Troy Baily and Sagepoint Financial, please call the securities fraud attorneys at The White Law Group at 888-637-5510 for a free consultation.
For more information on The White Law Group, and its representation of investors, please visit www.WhiteSecuritiesLaw.com.