Soreide Law Group provides you with an update regarding the FINRA BrokerCheck disclosures connected to securities broker Byron Pat Treat (CRD: 1466393, Amarillo, Texas). Namely, FINRA barred Treat indefinitely following an investigation into his supervision of illiquid investment sales. The allegations relate to his actions at Great Nation Investment Corporation, where he was a securities broker and supervisor through February 2021. Not only that, but Treat received sanctions from FINRA previously for mishandling investor funds. Here’s a closer look at these disciplinary actions against him.
Evidently, in February 2021, FINRA moved to bar Byron Treat as a securities broker to resolve allegations that he violated FINRA rules by failing to comply with an investigation. Without accepting or denying the allegations, Treat accepted the sanctions. In short, this precludes him from being a securities broker for any FINRA-member firms (most major brokerage firms in the country).
Specifically, FINRA allegedly asked for Byron Treat's information and documents relevant to its investigation into his supervision of investment sales, including church bonds, when he worked for Great Nation Investment Corporation. The employer permitted Treat to resign in February 2021 because he allegedly failed to supervise church bond sales. It seems that FINRA wanted to ascertain if Treat violated FINRA rules by failing to supervise. Supposedly, Treat’s lawyer informed FINRA that Treat would not cooperate. Notably, the securities broker did not hand anything over to the investigators, hindering the investigation.
It appears that FINRA previously sanctioned Byron Treat for other misconduct at Great Nation Investment Corporation. According to a 2014 Order, FINRA issued Treat a $5,000 fine, and it censured Great Nation Investment Corporation. This was to resolve allegations of his failure to supervise two offerings. FINRA’s cause of action concerned contingent offerings of church bond securities. Supposedly, Treat and Great Nation Investment Corporation contravened representations made in a prospectus for an offering. Supposedly, Treat failed to create a supervisory system and written procedures regarding the contingent offering of securities.
In addition, FINRA says that Great Nation and Treat failed to disclose required information on client confirmations. Specifically, they did not disclose $42,000 in commissions charged to clients. The regulator says that Treat and Great Nation violated Exchange Act and FINRA and NASD rules.
Did you suffer losses because of Byron Treat’s church bond sales? If so, call Soreide Law Group at (888) 760-6552 and speak with a skilled securities lawyer about a potential recovery of your losses. Soreide Law Group represents clients on a contingency fee basis and advances all costs. The firm has recovered substantial compensation for United States investors who have incurred losses from their financial advisors and securities brokers. Please note that Treat denies all allegations of sales practice violations.
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