Byron Pat Treat of Amarillo Texas a stockbroker formerly registered with Great Nation Investment Corporation has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based on findings that Treat failed to cooperate with FINRA’s investigation into his supervision of church bond transactions during the period that he was associated with Great National Investment Corporation. Letter of Acceptance Waiver and Consent No. 2019060783602 (Feb. 26, 2021).
According to the AWC, on February 1, 2021, the regulator asked Treat to provide documents and information relating to his supervision of church bond sales. FINRA learned from Treat’s legal counsel on February 9, 2021, that Treat understood what would be required of him to comply with FINRA rules and that he would not cooperate. FINRA found that Treat’s refusal to comply with FINRA’s investigation showed that he violated FINRA Rules 2010 and 8210.
This is not the first time that Treat has been sanctioned by FINRA. He was fined $5,000.00, and Great Nation Investment Corporation was fined $20,000.00, according to a FINRA Office of Hearing Officers’ Order Accepting Offer of Settlement in which the regulator found that Treat and Great Nation allowed unauthorized transactions involving mutual funds and real estate investment trusts, and omitted information about commissions.
According to the AWC, customer funds were supposed to be invested in the money market but were mishandled. Treat and Great Nation violated FINRA Rule 2010 and NASD Rules 2110 and 3010 for unreasonable written supervisory procedures and supervision systems. The regulator also stated that Treat and Great Nation did not disclose commission in violation of FINRA Rules 2232 and 2010, NASD Rule 2230, Securities Exchange Act of 1934 Section 10(b), and Securities and Exchange Commission (SEC) Rule 10b-10.
Treat was associated with Great Nation Investment Corporation between July 6, 1989 and February 26, 2021. He was permitted to resign supported by allegations of his failure to supervise and failure to cooperate in an investigation.
