Nicholas Randolph Radke Jr. (also known as Randy Radke), of Lake Oswego, Oregon, a stockbroker registered with American Independent Securities Group LLC, has been fined $60,000.00 by Oregon Division of Financial Regulation because Radke made omissions and misrepresentations of material fact. Consent Order No. S-19-0040 (May 11, 2021).
The Oregon Division of Financial Regulation initiated a regulatory action centered around allegations that Radke made misleading statements and left out crucial information during the time that he sold notes to a former customer. Following the customer’s death, Radke was also alleged to have inappropriately taken money from the deceased customer’s credit union account.
Radke allegedly had developed a friendly relationship with the older customer. After this customer ceased to have accounts with Radke’s employing firm, Radke allegedly borrowed money from this individual and sold an investment to them. The regulator claimed that Radke used both misrepresentations and omissions to secure this money and failed to reimburse the customer according to the agreed-upon terms of the transaction. Additionally, after the customer passed away, Radke reportedly moved money from the customer’s credit union account to his own personal bank account.
The Oregon Division of Financial Regulation also imposed a cease and desist order against Radke.
Financial Industry Regulatory Authority (FINRA) Public Disclosure shows that Radke has been barred from associating with any FINRA member in any capacity because Radke failed to provide information and documents to FINRA when it investigated possible violations of FINRA rules. Letter of Acceptance, Waiver, and Consent No. 2018059899901 (December 6, 2018).
In 2018, FINRA initiated an inquiry into allegations against Radke concerning his involvement in private securities dealings without his firm’s prior consent. As part of their investigation, on October 5, 2018, they requested certain documents and details from Radke in accordance with FINRA Rule 8210, giving him a deadline of October 19, 2018. Radke missed this initial deadline, prompting FINRA to issue a second request on October 22, 2018, with a new deadline set for November 5, 2018.
Subsequently, on October 25, 2018, Radke sought an extension to provide the requested materials by November 15, 2018. This extension was approved by FINRA. However, during a communication with FINRA representatives on November 12, 2018, Radke confirmed he had received the requests but stated that he had no intentions of providing the required documents and information. Based on this non-compliance, Radke violated FINRA Rules 8210 and 2010.
Radke was associated with American Independent Securities Group LLC as a stockbroker from May 2, 2011, to May 30, 2018. He was associated with MML Investors Services LLC as a stockbroker from June 29, 2018, to October 30, 2018.
