8.19.2009 The SEC issued an order against Michael A. Atkins finding that Atkins was associated with LandOak Securities, LLC, an investment adviser registered with the SEC, and further finding that on August 10, 2009, a final judgment was entered by consent against Atkins, permanently enjoining him from future violations of federal securities laws. The SEC alleges that in July 2002, Atkins and another person took $1,545,000 from a Tennessee limited liability company and diverted or loaned it to Tice Technologies, Inc., without disclosing to the limited liability company’s investors, several of whom were LandOak advisory clients, that Atkins had a conflict of interest because he was a director of Tice and owned a substantial stake in that company.
The order bars Atkins from associating with any broker, dealer or investment adviser, with the right to reapply for association after three years to the appropriate self-regulatory organization, or if there is none, to the SEC. Atkins consented to the issuance of the order without admitting or denying any of the findings.
Click http://www.sec.gov/litigation/admin/2009/34-60544.pdf to access the order.