Madison Concert Promoter Faces $15,000 Fine, Disbarment
NASHVILLE – The Tennessee Department of Commerce and Insurance’s Securities Division announces a $15,000 civil penalty and other punishments against Madison resident and concert promoter Ledford Lynn Herron and JL Production Inc. related to the unregistered sale of investments in a series of political rallies and concerts.
Herron, who claimed to have a track record as a successful events promoter, promised investors a 125 percent return on their investments within 120 days of staging a political rally called “America’s Last Stand” held in Sevierville on June 26-27, 2014. After Herron claimed he did not have the ability to repay investors after that event, he promised to repay them after staging other concerts, including a country music concert in Jackson and a concert in Fort Smith, Ark. Records show that investors gave Herron hundreds of thousands of dollars but have not been repaid any of their initial investment value or the promised return.
Herron has never been registered to sell securities in Tennessee and derives much of his income (as of January 2017) working for a ridesharing service; JL Production reported no business income in 2015.
“Before investing always remember that if a deal sounds too good to be true, it probably is,” said TDCI Assistant Commissioner Frank Borger-Gilligan. “We urge Tennesseans to contact us before they invest their hard-earned money on ventures that could leave them holding the bag.”
In addition to paying the $15,000 civil penalty, Herron has been ordered to cease and desist conducting securities transactions. He has been permanently barred from ever registering to sell securities or investments in Tennessee.
Tennesseans are encouraged to visit TDCI’s website where they can inspect disciplinary actions and verify licenses of securities 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. File a complaint online by going here.