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B/D Closes: Had Sold Provident Private Placements
United Equity Securities LLC filed Form BDW with FINRA earlier this month, terminating its status as a broker-dealer. The firm will be acquired by another firm. According to Investment News, Houston-based United Equity was one of a number of firms that sold Provident Royalties private placements.
Last summer, the SEC charged Provident with civil fraud, saying its private placement offerings were part of a $485mn Ponzi scheme based on allegedly phony oil and gas investments. Between June 2006 and January 2009, dozens on independent B/D's sold these investments to 7,700 or so investors. United Equity CEO William Park said the firm did not shut down because of Provident - it had sales of $660K - which generated $173K in commissions; the firm had 60 RRs and $100mn in assets. [Investment News, 8/20]
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