Soreide Law Group, based in Florida, obtained the following information on the Florida broker from FINRA’s website under, “Disciplinary and Other FINRA Actions, December 2020,”
Dwight Lee Dykstra (CRD #1028210, Orlando, Florida).
On October 7, 2020, an Acceptance, Waiver and Consent (AWC) was issued in which Dwight Lee Dykstra was assessed a deferred fine of $10,000, suspended from association with any FINRA member in all capacities for one year, and ordered to pay deferred disgorgement of commissions received in the amount of $67,500, plus interest.
Without admitting or denying FINRA’s findings, Dwight Lee Dykstra consented to the sanctions and to the entry of findings that he allegedly participated in private securities transactions without providing prior written notice to his member firm.
FINRA’s findings stated that Dwight Lee Dykstra allegedly solicited investments in promissory notes issued by a limited liability company (the issuer) raising capital to develop a senior living real estate project. Dykstra allegedly contacted prospective investors, some of whom were clients or former clients of his firm, to inform them of the investment opportunity. According to FINRA, Dykstra then provided marketing materials to interested investors, participated in communications between the issuer and interested investors, and facilitated the sale of promissory notes to investors.
According to FINRA, the issuer allegedly paid Dwight Lee Dykstra $67,500 in selling compensation for his participation in the transactions and allegedly facilitated the sale of approximately $2 million of promissory notes to 21 investors. Also, Dykstra and his wife invested $100,000 in a promissory note sold by the issuer. The promissory notes sold by the issuer were securities. Dykstra’s participation in the promissory note securities transactions was outside the regular course and scope of his employment with his firm, according to FINRA.
After giving notice to the firm and receiving its approval, Dwight Lee Dykstra allegedly sold membership interests in a fund formed to invest in the same senior living real estate project. However, FINRA alleges, Dykstra did not provide any prior notice to the firm of the promissory note transactions or of his role in those transactions.
The suspension is in effect from October 19, 2020, through October 18, 2021. (FINRA Case #2019061365001)
According to FINRA’s BrokerCheck, available to the public on FINRA’s website, Dwight Lee Dykstra has been in the securities industry for 35 years and has been listed with 5 firms. He was previously listed with the following firm:
05/10/2013 – 07/03/2019 VISION BROKER SERVICES, LLC – MAITLAND, FL
If you’ve experienced investment losses due to the actions or recommendations of the broker, Dwight Lee Dykstra, formerly with VISION BROKER SERVICES, LLC of Maitland, Florida, contact Soreide Law Group, based in Florida, and speak to an experienced securities lawyer at no cost regarding the possible recovery of your financial losses through a FINRA arbitration at: 888-760-6552.
Soreide Law Group works on a contingency fee and represents our clients nationwide before FINRA.