Stoltmann Law Offices is investigating claims against Royce Oliver Simpson, who recently entered into a Letter of Acceptance, Waiver and Consent (AWC) with the Financial Industry Regulatory Authority (FINRA). Simpson was fined $15,000 and suspended from the industry for eight months. Allegedly, Simpson engaged in outside business activity without his firm’s knowledge or consent. This is sometimes referred to as “selling away” and is when a broker solicits clients to invest in investments that are not approved by his or her member firm. This is a violation of securities rules and regulations.
Simpson allegedly loaned $70,000 to Continental Africa Resources, LLC, to fund a gold mining operation in Ghana, Africa. Simpson requested approval from his firm, Oppenheimer, and Oppenheimer denied his request. Simpson then continued to loan funds to Continental Africa Resources, and did not disclose the loans to Oppenheimer. Simpson was also being investigated by the New Mexico Securities Division for allegedly recommending unsuitable long-term US agency bonds.
Simpson was registered with Dover Group, First Ohio Securities Company, Shearson Lehman Hutton Inc., Rotan Mosle Inc., Painewebber Inc., HSBC Securities, Rodman & Renshaw, Everen Securities, J.C. Bradford & Co., UBS Financial Services, and Oppenheimer & Co. He has two customer disputes against him. He is not currently licensed within the industry. If you invested money with Royce Simpson, his former firm, Oppenheimer & Co., may be liable for investment losses. They had a duty to reasonably supervise him while he was employed there. If you experienced selling away activity with Simpson, you may be able to bring a claim against the firm. Call us at 312-332-4200 for a free consultation with an attorney.