Dwight Lee Dykstra of Maitland Florida a stockbroker formerly employed by Vision Brokerage Services LLC has been fined $10,000.00 and suspended for one year from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity founded on findings that Dykstra sold away from Vision Brokerage Services. Letter of Acceptance Waiver and Consent No. 2019061365001 (Oct. 7, 2020).
According to the AWC, in October of 2018, when Dykstra was associated with Vision Brokerage Services, he solicited investors’ purchases of promissory notes that had been issued by a limited liability company for purposes of developing a senior living real estate project. The AWC stated that the prospective investors who were apprised of the promissory note investment opportunity had included some of those customers of Vision Brokerage Services. The regulator indicated that prospective investors were provided with marketing materials and that the stockbroker took part in meetings between the limited liability company and the investors in regard to the use of investors’ funds.
The AWC stated that $2,000,000.00 worth of promissory notes had been purchased by 21 investors which enabled Dykstra to be paid $67,500.00 in commissions from the limited liability company. FINRA stated that the promissory notes transactions were not executed within the scope of Dykstra’s employment at Vision Brokerage Services but were instead private securities transactions that Dykstra did not inform the securities broker dealer about until after transactions had been effected. Dykstra’s conduct was violative of FINRA Rules 2010 and 3280.
Dykstra was registered with Vision Brokerage Services between May 10, 2013 and July 3, 2019.
