Keith Ashley Named in FINRA Regulatory Action

Keith Ashley (CRD #: 4096004), a broker formerly registered with Parkland Securities, is the subject of a FINRA regulatory action, according to his BrokerCheck record, accessed on February 19, 2022. 

FINRA Allegations

On December 10, 2021, Keith Ashley was named in a FINRA complaint after allegedly failing to respond to requests for information in connection with an investigation into whether he allegedly engaged in undisclosed outside business activities, participated in private securities transactions, and misappropriated customer funds. 

FINRA also investigated allegations from a federal indictment, which alleged Keith Ashley solicited money for a Unit Investment Trust by making false statements. He allegedly falsely stated that the returns are guaranteed that there was no risk to the principal investment. Allegedly, instead of investing the funds in a UIT, Keith Ashley spent more than $1 million he solicited on personal expenses, such as spending at casinos, payments on personal credit cards, and payments for college tuition. 

By refusing to produce the documents and information requested pursuant to FINRA Rule 8210, Keith Ashley violated FINRA Rules 8210 and 2010.

FINRA Rule 8210 requires that registered brokers supply FINRA staff with all information and documents requested in the course of an investigation. A violation of FINRA Rule 8210 is also a violation of FINRA Rule 2010, which requires member firms and their associated persons to “observe high standards of commercial honor and just and equitable principles of trade.”

You can read a copy of the disciplinary action here.

Employment Termination Details

On October 27, 2020, Parkland Securities fired Keith Ashley after he allegedly engaged in undisclosed outside business activities and also allegedly failed to provide the firm with prior notice of private securities transactions involving his privately held company.

FINRA Rules 3280 and 3270

FINRA Rule 3280 states that before participating in any private securities transaction, a registered broker should provide written notice to his/her member firm describing in detail the proposed transaction and proposed role. Brokerage firms maintain a list of approved securities their brokers are allowed to offer. 

By engaging in undisclosed outside business activities, Keith Ashley allegedly violated FINRA Rule 3270, which requires brokers to provide written notice to their firms regarding their outside business activities. 

Keith Ashley has three outside businesses on his detailed BrokerCheck record: 

• Insurance Agent at Midland National Life
• Purchase of Properties to Lease to Non-Clients
• Co-owner of Nine Band Brewing Co, Texas

If Keith Ashley solicited you for investments in an outside business, contact Kurta Law right away. 

Background Information

Keith Ashley has passed the following exams:  

• Series 63 – Uniform Securities Agent State Law Examination
• SIE – Securities Industry Essentials Examination
• Series 6 – Investment Company Products/Variable Contracts Representative Examination

Besides Parkland Securities, he has also worked with Sigma Financial Corporation (CRD#:14303) and Walnut Street Securities (CRD#:15840).

Kurta Law Can Help

If you have been victimized after working with Keith Ashley, don’t hesitate to contact us today at 877-600-0098 or info@kurtalawfirm.com for a free consultation.

For nearly 20 years, Kurta Law has advocated for investors to recover their investment losses from brokers and brokerage firms. Kurta Law is a nationally recognized law firm and exclusively represents investors against brokers and brokerage firms on a contingency basis. This means that the firm only earns a fee if our securities attorneys recover money on your behalf.