Chapter-Oklahoma Securities Commission
What is the Oklahoma Securities Commission?
It’s the first place you should go if you
find yourself a victim of investment fraud.
The Oklahoma Securities Commission can confirm
the registration of a broker, dealer, investment
advisor, or security in Oklahoma.
The Commission comprises five members, appointed
by the governor with the advice and consent
of the Oklahoma State Senate.
You may be wondering what the Commission can
and cannot do, how fraud investigations are
started, and about the Commissions Investor
Education Program, Invest Ed®.
Irving?
Thanks Rex.
The internal operations of the Oklahoma Securities
Commission are carried out by the Department
of Securities, the internal administrative
organization of the department includes, the
division of enforcement, investor education,
registration of securities, and registration
of securities professionals.
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The Enforcement Divisions primary purpose
is to enforce the securities laws.
Enforcement relies on the cooperation and
input of the investing public. The division
consists of attorneys, investigators, and
financial analysts that are trained to handle
the complex issues encountered in securities
matters.
There are approximately 200 complaints a year
all of which are investigated. And there are
approximately 250 open cases during any 12
month period.
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Irving)
The process of informing investors how to
recognize, avoid and report investment fraud
and unfair sales practice in regard to the
offer and sale of securities is the objective
behind our Investor Education efforts.
It is also our objective to inform the public
about the services offered by the Oklahoma
Securities Commission, you can find our free
unbiased tools on our website, at investedok.org.
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There are things the Oklahoma Securities Commission
can and cannot do.
Here’s what we can do:
Investigate the complaint, take no further
action if there is no evidence, if it is not
within our jurisdiction, and there is no general
public policy to be furthered or advanced.
We can also commence administrative or civil
legal action. We can also make a criminal
referral.
Here is what the Oklahoma Securities Commission
cannot do:
We cannot a recommend a private attorney,
or arrest the wrongdoer.
We cannot take an action for the primary purpose
of getting an individual investor’s money
back.
We cannot represent individuals in legal actions
against wrongdoers.
We cannot act on matters that are outside
our jurisdiction and usually we will not allow
an individual investor to intervene in a department
legal action.
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You may be wondering how an investigation
is started at the Oklahoma Securities Commission.
Here are three of the most common methods:
Complaints, exams of Securities Professionals,
and referrals from governmental agencies.
To file a complaint, get a complaint form
from the department’s website, by clicking
complaint procedures under enforcement division,
in the menu on the left side of the page.
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Con’t: Irving)
Exams of Securities Professional are either
for routine checks or for reasons of cause.
“Cause Examinations” address a particular
problem, or event identified through a variety
of sources such as customer complaints, or
terminations for cause of registered agents
by broker-dealers, and referrals from other
state and federal regulators.
The department conducts periodic routine examinations
on broker-dealers and investment advisors
located in Oklahoma.
Referrals from governmental agencies can come
from the state Attorney General, insurance
or banking departments, referrals can also
come from the Securities and Exchange Commission,
the Internal Revenue Service or other federal
agencies.
If you think you or someone you know has become
a victim of investment fraud, or for more
information on the topics covered in this
presentation, you can contact the Oklahoma
Securities Commission at 405-280-7700 or through
their website at securities.ok.gov.
And for more Investor Education information
you can visit the Invest Ed® website, at
investedok.org.
The Invest Ed® site offers a wealth of Investor
Education resources, including the complete
Invest Ed TV and Radio Investment Minute library,
the Invest Ed® Investor Protection Kit and
information about Invest Ed® STARS, Students
Tracking and Researching the Stock Market.
STARS is a stock market portfolio program
designed for grades 9 through 12th.
