Investment Company Barred for Selling Illegal Securities in Wayne County

Monday, November 28, 2016 | 2:16pm

NASHVILLE –The Tennessee Department of Commerce & Insurance (TDCI) announces disciplinary action against Alabama-based Tri State Investment, LLC (Tri State) and its agent Roy Allen Tucker for conducting illegal and fraudulent securities activity in Waynesboro, Tennessee.

Tucker, who operates Tri-State Investment at the last known address of 210-B Seville Street in Florence, Alabama, advertised and sold securities in Tennessee that were not registered by the Tennessee Securities Division. Tucker also failed to inform Tennessee investors that neither he nor Tri State had ever registered with the Financial Industry Regulatory Agency (FINRA), the Alabama Securities Commission, or the Tennessee Securities Division as a broker-dealer or investment adviser.  Additionally, Tucker employed fraudulent schemes by using the funds of his Tennessee investors for personal purposes instead of assisting failing businesses as he had represented in client meetings.

Tri State and Tucker are permanently barred from conducting securities transactions on behalf of others from, in, or into Tennessee and are assessed civil penalties in the total amount of $35,000 for violating Tennessee’s securities laws

“Investors should always remember that it is unlawful for any person to transact business from or in this state as a broker-dealer, agent, investment advisor or investment advisor representative unless that person is properly registered as such,” said TDCI Assistant Commissioner for Securities Frank Borger-Gilligan. “These security laws are in place to protect the public and the investors in the state of Tennessee.”

A copy of the order involving Tri State and Tucker can be found here. Tennesseans are encouraged to visit the TDCI website where they can inspect disciplinary actions and verify licenses of security and insurance professionals.

If you suspect that you might be a victim of securities or insurance fraud, or if you would like to file a complaint or speak with an investigator, please contact the Tennessee Securities Division – Financial Services Investigations Unit at (615) 741-5900. To file a complaint online, please visit https://tn.gov/commerce/article/securities-file-a-complaint.

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