Securities Division

News

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.