INDEPENDENCE COUNTY, AR (KAIT) - The Arkansas Securities Department is asking residents to be careful after directing a Batesville resident to stop unregistered securities activities in the state.
According to the Securities Department website, Securities Commissioner B. Edmond Waters issued a cease and desist order against AFR Brokerage of Batesville and its president, Antron F. Ramey.
"Ramey is president, founder and a managing member of AFR. Neither AFR or Ramey have even been registered with the Arkansas Securities Department in any capacity," the department said in a news release Friday. "However, in violation of the Arkansas Securities Act and the Rules of the Arkansas Securities Commissioner, AFR and Ramey have offered to sell securities to Arkansas residents. AFR and Ramey also omitted to tell potential investors they were not properly registered with the Department and are not lawfully allowed to sell securities to anyone in Arkansas."
The news release also noted that Ramey "made multiple misstatements and omitted to state material information in a promotional video about AFR that Ramey posted on his Facebook account. Finally, AFR and Ramey fraudulently included the names of an attorney and a law firm, neither of whom had any relation to AFR and Ramey, on contracts signed by Ramey and five Arkansas residents."
The investigation into the matter is ongoing, officials said in the news release.