Regulators Allege Marcus Beasley, of W&S Brokerage, Offered Unregistered Securities
According to an administrative order, Maryland Securities Commission has barred advisor Marcus Beasley (CRD#: 3157595) and Beasley Financial Group (BFG) as of June 17, 2021, from the investment advisory and securities business in Maryland for allegedly offering unregistered securities. According to the findings, Beasley purportedly represented to potential Beasley Financial Group (BFG) investors that they already had 25 partners when in fact they had none.
Beasley reportedly failed to disclose to potential BFG investors the risks of the offering or the fact that the neither BFG, nor Beasley were registered with the Division. The regulator further alleged that Beasley engaged in dishonest and unethical practices in the securities business by failing to obtain the approval of his broker-dealer to sell an unapproved investment product, offering unregistered securities to investors, and making false representations or failing to disclose material facts to investors solicited by him, among other things. He was also fined $35,000, according to the order.
Beasley was also reportedly suspended by FINRA from association with any FINRA member in all capacities for a period of seven months and ordered to pay a fine of $12,500.
According to his FINRA Broker Report, Marcus Beasley was affiliated with the following firms during his career, among others:
09/17/2019 – 10/30/2019, SUPREME ALLIANCE LLC (CRD#:45348), CHARLOTTE, NC
01/30/2018 – 07/12/2019, W&S BROKERAGE SERVICES, INC. (CRD#:8099), OWINGS MILL, MD
04/28/2014 – 11/14/2017, ALLSTATE FINANCIAL SERVICES, LLC (CRD#:18272),Columbia, MD
03/20/2009 – 06/08/2012, NYLIFE SECURITIES LLC (CRD#:5167), TIMONIUM, MD
The White Law Group is investigating the liability that Beasley’s former employer may have for his actions in regards to his outside business activities.
When a FINRA registered representative conducts business outside the scope of the brokerage firm where they are registered, the act can be considered “selling away.” Some brokers, looking to supplement their income, will go outside the traditional market, trying to find other products to push.
If a registered broker “sells away” from their firm, the brokerage firm may still be liable for negligent supervision of their broker representative and may be responsible for investment losses in a FINRA dispute resolution claim.
If you have suffered losses investing with Marcus Beasley, the securities attorneys at The White Law Group may be able to help you. For a free consultation with a securities attorney, please call (888) 637-5510.
The foregoing information, which is all publicly available, is being provided by The White Law Group.
The White Law Group, LLC is a national securities fraud, securities arbitration, investor protection, and securities regulation/compliance law firm with offices in Chicago, Illinois and Seattle, Washington. For more information, please visit our website, www.whitesecuritieslaw.com.