Last Updated: December 2024 (Austin, Texas)
Texas State Securities Board Issues Disciplinary Order vs. The Pilot’s Advisory
In a Consent Order dated 12/19/24, The Texas State Securities Board (TSSB) Reprimanded The Pilot’s Advisory, LLC, assessed an administrative fine of $8,500. In addition the TSSB granted The Pilot’s Advisory’s application for registration as an investment advisor with the Texas Securities Commissioner.
The TSSB found that The Pilot’s Advisory had acted as an “investment adviser” in Texas, as defined by Section 4001.059 of the Texas Securities Act at a time then the registered investment advisory firm was not registered with the Texas Securities Commissioner (12/2020-5/2024). Failure to obtain registration violated Section 4004.052 of the Texas Securities Act.
The Pilot’s Advisory
According to their SEC CRD 160241, the company is headquartered in West Union, South Carolina and is registered 30 states. Earliest state registration was with South Carolina in 20212. The Pilot’s Advisor is a dba for Fleming Financial Group, LLC.
The CRD of Ryan J. Fleming indicates that he is managing member and chief compliance officer of The Pilot’s Advisor, LLC. In addition the CRD discloses that he was recently sanctioned by the State of Washington for failing to register as a registered investment advisor in that state and for the use of misleading advertising.
Fleming discloses current employment as a pilot with Federal Express. He was a registered broker with Cantella & Co. 12/2008-2/2012. Fleming has authored two books, Pilots Retire Early and The Pilot’s Advisory, according to the company website.
“How to Research Your Broker-What is a CRD?”
The Texas State Securities Board
Mission of the TSSB, according to their website:
The State Securities Board is responsible for administering and enforcing the Texas Securities Act. The mission of the State Securities Board is to protect Texas investors. Consistent with that purpose, the Agency seeks to ensure a free and competitive securities market for Texas, increase investor confidence, and thereby encourage the formation of capital and the creation of new jobs in Texas.
The Financial Industry Regulatory Authority
The Financial Industry Regulatory Authority (FINRA) is the agency that licenses and regulates stockbrokers and brokerage firms. FINRA requires brokers and brokerage firms to report customer complaints and disputes as well as regulatory sanctions. In addition brokers are required to disclose certain financial matters such as personal bankruptcies, judgments and liens.
Rex Securities Law
With offices in Boca Raton, FL and Austin, TX, stockbroker fraud attorney Rex Securities Law provides representation to investors nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers, financial advisors and broker dealers.
If you have questions about how your account has been handled, call (877) 224-3199 to speak with an experienced securities attorney at no cost to you.
Most cases are handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.
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