Joe Don Treece of Bentonville Arkansas a stockbroker formerly employed by Arvest Wealth Management has been barred from being a stockbroker in the state of Oklahoma according to an Order issued by the Oklahoma Department of Securities containing accusations that (1) Treece borrowed funds from a customer in an unethical and dishonest fashion (2) Treece failed to disclose the customer loan to Arvest Wealth Management and (3) Treece tried to resolve a customer initiated investment related dispute away from his securities broker dealers including Arvest Wealth Management as well as Morgan Stanley and Raymond James Associates Inc. Case No. 16-030 (Mar. 10, 2017).
This is not the first time that Treece has been sanctioned by a securities regulator for misconduct. Specifically, Treece was subject of a Consent Order issued by the Arkansas Securities Department in which his stockbroker licensure in the state had been revoked supported by allegations of Treece having improperly taken money from customers in two instances. Case No. S-16-0097 (Dec. 30, 2016). Additionally, on December 16, 2016, Treece was suspended from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity founded on accusations that he declined to correspond with FINRA about whether he complied with a settlement agreement or FINRA Arbitration Award.
Moreover, Treece has been barred from associating with any FINRA member in any capacity based upon allegations that Treece neglected to provide FINRA information that had been requested of him presumably concerning the accusations of Treece’s misconduct made by an Arvest Asset Management customer. Particularly, FINRA learned that Treece was discharged by Arvest Asset Management on December 18, 2015 supported by allegations that: (1) Treece converted the customer’s funds (2) Treece embezzled assets (3) Treece violated his fiduciary duties and (4) Treece defrauded the customer. That Arvest Asset Management customer claimed that the brokerage and investment advisory services Treece implemented involved excessive trading which resulted in excessive commissions being generated by Treece at the customer’s expense.
Evidently, FINRA requested that Treece provide information regarding those allegations; however, Treece never responded. Eventually, a Suspension from Association letter had been issued to Treece by FINRA which warned Treece that his failure to respond could serve as a basis for him being barred by FINRA in all capacities. Nevertheless, Treece failed to respond to FINRA within the three months allotted to him, resulting in him being automatically barred by FINRA on January 23, 2017.
