Phoenix – A Mesa investment adviser, William Austin Bailey, can no longer give investment advice now that the Arizona Corporation Commission has revoked his license.
The Commission not only revoked Bailey’s license, but the license of his company, Associated Professional Investments, LLC (“API”).
According to the Commission, Bailey failed to comply with an award against him in a FINRA arbitration in which the claimants alleged breach of fiduciary duty, professional negligence, unsuitable transactions, excessive trading and violation of Arizona securities fraud statutes.
Bailey also failed to properly disclose the arbitration award in his filings with the Commission after the award was issued in May 2015.
The Commission found that Bailey’s and API’s applications for licensure were inaccurate because they denied that Bailey had petitioned for bankruptcy in the previous ten years.