Welcome to Scribd, the world's digital library. Read, publish, and share books and documents. See more
Download
Standard view
Full view
of .
Look up keyword
Like this
2Activity
0 of .
Results for:
No results containing your search query
P. 1
SOAH DOCKET NO 312-11-8406 (2)

SOAH DOCKET NO 312-11-8406 (2)

Ratings: (0)|Views: 883|Likes:
Published by Loren Steffy

More info:

Published by: Loren Steffy on Aug 01, 2011
Copyright:Attribution Non-commercial

Availability:

Read on Scribd mobile: iPhone, iPad and Android.
download as PDF, TXT or read online from Scribd
See more
See less

08/01/2011

pdf

text

original

 
BENETIEL.ZIVLEYSECURITIESCOMMISSIONERBETHANNBLACKWOODCHAIRCARLAJAMESDEPUTYSECURITIESCOMMISSIONERDERRICKMITCHELLMEMBERMail:POBOX13167AUSTIN.TEXAS76713167
TexasStateSecuritiesBoard.
E.WALLYKINNEYMEMBERDAVIDA.APPLEBYMEMBERPhone(512)308300Facsimile:(512)308310208
E
101hStreet,5thFloorAustin,Texas78702407www.ssb.state.tx.usALANWALDROPMEMBER
SOAHDOCKETNO.312-11-8406SSBDOCKETNO.IC11-06INTHEMATTEROFTHEINVESTMENTADVISERREGISTRATIONOFSELECTASSETMANAGEMENT,LLCANDTHEINVESTMENTADVISERREPRESENTATIVEREGISTRATIONOFBRIANANTHONYBJORK
§§
§§
§§§
BEFORETHESTATEOFFICEOFADMINISTRATIVEHEARINGSNOTICEOFHEARINGThisisyourOFFICIALNOTICEthatahearingwillbeheldattheStateOfficeofAdministrativeHearings,intheWilliamP.ClementsBuilding,300W.15thStreet,4thFloor,Austin,Texas78701,beforeanAdministrativeLawJudgebeginningonOctober18,2011at9:00AMCentralTimeforthepurposeofdeterminingwhethertheinvestmentadviserregistrationofSelectAssetManagement,LLC("RespondentSAM")andtheinvestmentadviserrepresentativeregistrationofBrianAnthonyBjork("RespondentBjork")(collectively"Respondents")withtheSecuritiesCommissionerofTexas("SecuritiesCommissioner")shouldbeREVOKED.ThishearingwillbeheldpursuanttoTheSecuritiesAct,Tex.Rev.Civ.Stat.Ann.art.581-1etseq.(West2010)("TexasSecuritiesAct");theRulesandRegulationsoftheTexasStateSecuritiesBoard,7Tex.Admin.CodeChapter101etseq.(Supp.2011)("BoardRules");theAdministrativeProcedureAct,Tex.Gov'tCodeAnn.
§
2001.001etseq.(West2008
&
Supp.2010);andtheRulesofPracticeandProcedureoftheStateOfficeofAdministrativeHearings,1Tex.Admin.CodeChapter155(Supp.2011)("SOAHRules").IFYOUDONOTFILEAWRITTENANSWEROROTHERWRITTENRESPONSIVEPLEADINGTOTHISNOTICEOFHEARINGONORBEFORETHE20THDAYAFTERTHEDATEONWHICHTHISNOTICEWASMAILEDTOYOUORPERSONALLYSERVEDONYOU,THEFACTUALALLEGATIONSINTHISNOTICEWILLBEDEEMEDADMITTED,ANDTHESECURITIESCOMMISSIONERMAYDISPOSEOFTHISCASEWITHOUTAHEARINGANDGRANTTHERELIEFSOUGHTINTHISNOTICE.
 
THERESPONSEMUSTBEFILEDINAUSTIN,TEXAS,WITHTHESTAFFOFTHESTATESECURITIESBOARDANDTHESTATEOFFICEOFADMINISTRATIVEHEARINGS.IFYOUFAILTOATTENDTHEHEARING,EVENIFAWRITTENANSWEROROTHERRESPONSIVEPLEADINGHASBEENFILED,THEFACTUALALLEGATIONSINTHISNOTICEWILLBEDEEMEDADMITTED,ANDTHESECURITIESCOMMISSIONERMAYDISPOSEOFTHISCASEWITHOUTAHEARINGANDGRANTTHERELIEFSOUGHTINTHISNOTICE.
CONTACTINFORMATIONRonakV.Patel,Esq.DirectorInspections
&
ComplianceDivisionTexasStateSecuritiesBoard208E.10thStreet,5thFloorAustin,Texas78701Telephone:(512)305-8300Facsimile:(512)305-8340DocketingOfficeStateOfficeofAdministrativeHearings300W.15thStreet,Suite504Austin,Texas78701Telephone:(512)475-3445Facsimile:(512)475-4994Pursuantto
§
105.9oftheBoardRules,alldocumentsfiledbyanyparty,otherthanbusinessrecordsandtranscripts,andalldocumentsissuedbytheAdministrativeLawJudgemustbecontemporaneouslyservedupontheSecuritiesCommissioner'srepresentativeasidentifiedbelow:KaraKennedyGeneralCounselSecuritiesCommissioner'sRepresentativeTexasStateSecuritiesBoard208E.10thStreet,5thFloorAustin,Texas78701Telephone:(512)305-8300Facsimile:(512)305-8336LegalauthorityandjurisdictionforthismatterexistunderSections14and28oftheTexasSecuritiesAct,Section2003.021(b)oftheTexasGovernmentCode,andSection155.51oftheSOAHRules.ThestaffoftheTexasStateSecuritiesBoard("Staff')willpresentevidenceinsupportofitsrequestthatRespondents'registrationswiththeSecuritiesCommissionerbeREVOKED.TheevidencepresentedbytheStaffwillprovethefollowing:
NoticeofHearing/SelectAssetManagement,LLCandBrianAnthonyBjork/Page2
 
I.
Respondents
1.RespondentSAMisaTexaslimitedliabilitycompanyanditslastknownbusinessaddressasshownbyrecordsoftheTexasStateSecuritiesBoardis4000Washington,Suite200,Houston,Texas77007.OnJuly23,2008,RespondentSAMregisteredwiththeSecuritiesCommissionerasaninvestmentadviser.Thisregistrationiscurrentlyeffective.2.RespondentBjorkisanaturalpersonwhoselastknownbusinessaddressasshownbyrecordsoftheTexasStateSecuritiesBoardis4000Washington,Suite200,Houston,Texas77007.OnJuly23,2008,RespondentBjorkregisteredwiththeSecuritiesCommissionerasaninvestmentadviserrepresentativeofRespondentSAM.Thisregistrationiscurrentlyeffective.3.RespondentsmaintainedsignificantaffiliationswithanindividualnamedJoelDavidSalinas,theJ.DavidGroupofCompanies,Inc.(uJ.DavidGroup"),andtheJ.DavidSalinasFamilyTrust(laterSFTPartners,LLC)("SalinasFamilyTrust").TheJ.DavidGroupincluded,amongotherentities,theJ.DavidFinancialGroup,L.P.("JDFG").Mr.SalinasservedasthePresidentoftheJ.DavidGroupuntilhisdeath,apparentlybysuicide,onJuly17,2011.4.InadditiontoactingasanofficeroftheJ.DavidGroup,RespondentBjorkworkedprimarilyfortheJ.DavidGroupandJDFGforanumberofyearsandengagedininsuranceandsecuritiesbusinessonbehalfoftheJ.DavidGroupandJDFG.Furthermore,theSalinasFamilyTrustmaintainedasignificantownershipinterestinRespondentSAM.
II.Summary
5.RespondentsrepresentedtoclientsthattheywereinvolvedinthepurchaseofcorporatebondsthroughJDFGfortheclients'respectiveaccounts.Asaresult,Respondents'clientsinvestedmillionsofdollarsbelievingthatRespondentsand/orRespondents'affiliateswerebuyingcorporatebondswiththeclients'investments.Unfortunately,RespondentsandRespondents'affiliatesdidnotbuythecorporatebondsasrepresentedtoclients.6.RespondentsalsorecommendedandsoldinterestsinprivatefundsthatareaffiliatedwithRespondentsatatimewhenRespondentskneworshouldhaveknownthatthefundshadengagedinundisclosedloanstothefunds'affiliates.Ultimately,Respondents'clientsinvestedmillionsofdollarsinthefundswhilethefundsloanedmillionstoaffiliatesofthefunds.7.In2008,theRespondentswerefoundinviolationofSection12oftheTexasSecuritiesActandtohaveengagedininequitablepracticesinrenderingservicesasaninvestmentadviser.Tothatend,theSecuritiesCommissionerissuedadisciplinaryorderagainsttheRespondents.Inconnectionwiththatorder,theRespondentsundertookandagreedtoretainanindependentconsultant.However,theRespondentsfailedtoadheretotheagreementwiththeSecuritiesCommissioner.
NoticeofHearing/SelectAssetManagement,LLCandBrianAnthonyBjork/Page3

You're Reading a Free Preview

Download
scribd
/*********** DO NOT ALTER ANYTHING BELOW THIS LINE ! ************/ var s_code=s.t();if(s_code)document.write(s_code)//-->