Administrative judge upholds denial of Franklin man’s financial adviser applications


Administrative judge upholds denial of Franklin man’s financial adviser applications

TENNESSEE DEPARTMENT OF COMMERCE AND INSURANCE

A Nashville judge has upheld the denial of Franklin resident David Antypas’ investment-advisor and broker-dealer applications stemming from an investigation into a complaint  about Antypas’ earlier work as a financial adviser for an elderly Mt. Juliet woman, according to a press release from The Tennessee Department of Commerce and Insurance’s (TDCI) Division of Securities.

Additionally, Antypas must pay $5,000 in costs related to a court hearing held at his request about the matter.

Administrative Law Judge Leonard Pogue recently ruled in favor of TDCI’s 2018 denial of Antypas’ applications, finding that Antypas’ actions constituted dishonest and unethical business practices and violated T.C.A. § 48-1-112, including: Listing Antypas’ family members as beneficiaries on two of his client’s accounts; keeping an investment brokerage’s letterhead and change of beneficiary forms after Antypas’ termination from an investment brokerage; and charging fees to the Mt. Juliet woman that were higher than fees he charged other clients. Many of the exchanges between Mr. Antypas and his former client occurred at her assisted living facility in Mt. Juliet. More information about the ruling can be found here.

“Protecting Tennessee’s elderly and vulnerable adults is a goal shared by all our divisions,” said Tennessee Department of Commerce & Insurance Commissioner Julie Mix McPeak. “I urge Tennesseans to ask questions, educate themselves about their investment advisers and their investments, and contact our team with any questions, if they arise.”

To check a license of a professional regulated by the Department, go to http://verify.tn.gov/.

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