Blunt warns securities firms

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As the result of an order issued May 1 by Missouri Secretary of State Matt Blunt, American Express Financial Advisors Inc. must strengthen its oversight of its financial advisers.|ret||ret||tab|

The order is a result of a settlement reached between the Securities Division of Blunt's office and American Express Financial Advisors involving its former agent Rodney Belzer's misappropriations of more than $75,000 of his clients' money. Belzer was sentenced to 10 years in prison last March.|ret||ret||tab|

As part of the consent order, American Express has agreed to pay $65,000 to the Secretary of State's Investor Education Fund and $20,000 to the Missouri Director of Revenue to cover the investigation costs. Furthermore, American Express will be required to retain a Missouri field compliance director to be accountable for all offices and agents in the state.|ret||ret||tab|

Blunt said the order should serve as both a warning and a guide to the increasing number of insurance companies that have been moving into the securities business and are actively encouraging their agents to market securities and investments.|ret||ret||tab|

"The securities laws will be uniformly enforced by my office and these companies need to be held to the same standards of investor protection as all other brokerage firms," Blunt said. "Any agent who offers or sells securities in Missouri must fully comply with our securities statutes, and any brokerage firm will be held accountable for supervising that agent." [[In-content Ad]]