On October 19, 2020, the Financial Industry Regulatory Authority Inc. (FINRA) fined the former Sage Point Financial of Omaha, Nebraska, broker TROY ROBERT BAILY (TROY R BAILY) CRD#: 4458930, $5,000 and suspended him for six months for the alleged undisclosed and unapproved sale of private securities.
According to the FINRA report, without admitting or denying FINRA’s findings, TROY R BAILY consented to the sanctions and to the entry of findings that he allegedly engaged in undisclosed and unapproved private securities transactions.
FINRA’s findings stated that TROY R BAILY allegedly solicited investors to purchase securities in Future Income Payments, LLC (FIP). According to FINRA, FIP represented itself as a structured cash flow investment, claiming to purchase pensions at a discount from pensioners and then selling a portion of those pensions as a pension stream to investors. FIP generally promised investors a 7% to 8% rate of return on their investment.
FINRA stated that TROY R BAILY sold $210,000 in FIP purchase agreements to four investors, including three who were clients of his member firm. Baily received a total of $8,900 in commissions in connection with these transactions. FINRA stated that Bailey did not provide written notice to his firm prior to participating in the transactions involving FIP, nor did he obtain written approval from the firm.
The FINRA report stated that the FIP ceased business, owing nearly $300 million in unpaid investor payments. In an indictment, the United States charged FIP and its owner with conspiracy to engage in mail and wire fraud related to FIP‘s operations.
According to FINRA’s BrokerCheck, TROY R BAILY has been registered in the securities industry for 13 years. Bailey has 3 Disclosures on his CRD report, 2 are “Customer Disputes.” Bailey was listed with 8 firms in the 13 years he was registered, the most recent are listed below:
11/08/2016 – 03/08/2018 SAGEPOINT FINANCIAL, INC – OMAHA, NE
04/28/2014 – 09/02/2014 SAGEPOINT FINANCIAL, INC – OMAHA, NE
If you’ve suffered losses in Future Income Payments, LLC (FIP) recommended by TROY R BAILY formerly of SAGEPOINT FINANCIAL, INC of OMAHA, NE, or any other broker/dealer, contact Soreide Law Group and speak to a lawyer at no cost regarding the possible recovery of your investment losses through a FINRA arbitration at: 888-760-6552.
Soreide Law Group works on a contingency fee basis, no cost to you if no recovery, and represents our clients nationwide before FINRA.