Newspaper article THE JOURNAL RECORD

Bryant Fined $10,000, State Case Dismissed

Newspaper article THE JOURNAL RECORD

Bryant Fined $10,000, State Case Dismissed

Article excerpt

The Oklahoma Department of Securities has dropped its pursuit of a suspension of the Anderson Bryant & Co. brokerage's broker-dealer registration, suspension of principal Gary Bryant's agent license and revocation of his principal's license.

In return, without admitting guilt for its part in the sale of United Dental Care Inc. stock in 1986, the brokerage has agreed to a $10,000 fine and a five-day suspension from the brokerage for Bryant.

The announcement was made Thursday, eight days after the department revealed its administrative actions against the Oklahoma City brokerage and Bryant for failing to supervise a former Anderson Bryant broker, Larry Phillips, in the 1986 stock sale.

The department has not made a settlement with Phillips, who faces being barred from the securities industry for what the department called unethical sales practices. Nor had the department settled with United Dental, its president, Charles Montgomery; Fred S. Horton, its Certified Public Accountant; or John R. Thompson, its attorney. The department said the Oklahoma City company had violated Oklahoma securities laws in selling United Dental's common stock from December 1985 through 1986.

However, Montgomery said that he was only following the advice of his attorney, Thompson, a former director of the securities department's registrations division. Phillips, too, had retained Thompson to review the United Dental stock transactions, the former broker said.

The settlement with Anderson Bryant "really addressed the issues that were a problem," said department administrator Susan Bryant. The department had an "indirect charge" against the brokerage and its principal for the supervision of Phillips, she said.

The settlement also requires Anderson Bryant to file monthly compliance reports and to stop making a market in out-of-state "pink sheet" stocks, which are traded over-the-counter. Brokerages make a market by standing ready to buy or sell stock of a particular company, whether or not there is a seller or buyer at the other end of the transaction.

"It solves the problem that we saw in the company," the administrator said of the settlement.

The decision to settle was made after the administrator weighed the borkerage's monthly reporting concessions and its limitation on pink sheet trades against the state's cost of a hearing, she said.

"We have never been sued during that 24 years (that Anderson Bryant has been in business) to my recollection until the actions of that one employee," Gary Bryant said. "He has been gone from our firm since December, 1986. …

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