1300 W. Washington Street
Phoenix, AZ 85007-2996
Main: (602) 542-4242
Email: SecuritiesDiv@azcc.gov
Today, the Arizona Corporation Commission revoked the investment adviser representative license of William Austin Bailey of Mesa, Arizona, and the investment adviser license of his company, Associated Professional Investments, LLC (“API”).
The Arizona Corporation
Commission found Bailey failed to comply with an award against him in a FINRA
arbitration in which the claimants alleged breach of fiduciary duty,
professional negligence, unsuitable transactions, excessive trading and
violation of Arizona securities fraud statutes. The Arizona Corporation
Commission also found that Bailey failed to properly disclose the arbitration
award in his filings with the Commission after the award was issued in May
2015. Additionally, the Arizona Corporation Commission found that Bailey’s and
API’s applications for licensure were inaccurate because they denied that
Bailey had petitioned for bankruptcy in the previous ten years.
All documents relating to
this agenda item can be found in the Corporation Commission's online docket
at https://edocket.azcc.gov and
entering docket number S-2101A-17-0256.