Unregistered Broker Operating in Tennessee Faces $25k Fines, Cease and DesistTDCI Pursues Unregistered Broker Selling Unregistered Products
NASHVILLE – The Tennessee Department of Commerce and Insurance’s (TDCI) Securities Division announces disciplinary action against a former investment broker who was found to be in violation of Tennessee’s securities law.
Omar Plummer and his business associate, Trenton Scott Sommerville, misappropriated $20,000 in Tennessee investor funds to be used for an investment they described as a “convertible promissory note” that was promised to pay an eight and a half percent (8.5%) interest rate.
Among the court’s findings, Plummer failed to disclose he was not registered as a Broker-Dealer in Tennessee and that the type of investment he was advertising was not registered with the Tennessee Securities Division. Additionally, Mr. Plummer failed to reveal he was the subject of prior Cease and Desist Orders in Colorado and Minnesota. Plummer is currently believed to be a resident of Blacklick, Ohio while Sommerville is in a federal prison in Pensacola, Fla.
A Final Order became effective May 1, 2018 and imposed $25,000 in civil penalties against Plummer. In addition to the civil penalties, Plummer was permanently barred from representing himself as a broker-dealer, broker-dealer agent, investment adviser, or investment adviser representative in the State of Tennessee. Plummer has also been permanently prohibited from conducting securities transactions on behalf of others in Tennessee and a Cease and Desist Order was issued.
“The Department takes violations of Tennessee’s securities law seriously,” said TDCI Commissioner Julie Mix McPeak. “We make it our mission to provide the highest level of protection to Tennessee consumers. One way we do so is by pursuing those who break the laws put in place for consumer protection. Investors can always contact us with any questions about broker conduct or if they feel they have been a victim of a scam.”
Tennesseans are encouraged to visit the Department’s website where they can inspect disciplinary actions and verify licenses of security and insurance professionals.