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State Securities Division Proposes Broker Suspensions

bernco.gov

The state Securities Division has proposed taking action against two brokers accused of breaching their duties and contributing to an investment crisis at the Bernalillo County treasurer's office.

The division sent one notice to the Bank of South Carolina, which was doing business as Bank of Albuquerque, and broker Thomas Wayne Hayes. The other notice went to Oppenheimer & Co., Inc. and broker Royce O. Simpson.

The notices were sent Thursday, a day after the state auditor released a special review that detailed risky investments by the county treasurer's office.

The Securities Division is proposing to ban the brokers from trading securities in New Mexico. It's also calling for fines against the brokers and their companies.

The notices also call for the companies to submit a plan that ensures proper oversight of brokers.

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