SEC Bars Former Advisor for Fraud
The Securities and Exchange Commission has barred Steven E. Larson from the securities industry after alleged fraudulent activity.
From Dec. 19, 2016, until February 12, 2018, Larson was associated with Private Label Money Management Inc., a firm registered with the commission as an investment adviser. Larson, a resident of Nisswa, Minnesota, held securities licenses in Missouri and twenty-nine other states.
On May 11, 2018, an order against Larson was entered by the Missouri Commissioner of Securities, entitled In the Matter of Oakbridge Financial Services Inc. The Consent Order bars him from registering as an investment adviser, investment adviser representative, broker-dealer or agent in Missouri. The order alleges that Larson failed to reasonably supervise a Missouri-registered agent subject to Larson’s supervision.
From Aug. 30, 2011, until May 13, 2016, Larson was associated with Oakbridge Financial Services Inc., a firm registered with the commission as a broker-dealer.
Allegedly, Larson engaged in “dishonest and unethical conduct” in the securities business by over-concentrating reverse convertibles in his customers’ accounts.
Additionally, the filing alleges that Larson engaged in fraudulent activity in connection with disseminating fraudulent and misleading statements to customers regarding church bond securities values.
According to BrokerCheck, Larson joined the industry in 1994 with Edward Jones before joining Moloney Securities Co. Inc. in 2000. After leaving Moloney Securities in 2006, Larson worked for Gardner Financial Services Inc. for five years and then joined Oakridge Financial Services.
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