PRESS RELEASE
Oklahoma Securities Department Bars Former Tulsa Stock Broker From Securities Industry
 
For Immediate Release
Thursday, April 03, 1997 
 
Contact: Irving L. Faught, Administrator
  Oklahoma Department of Securities
  405-280-7700
 
 
Oklahoma City/////  Irving L. Faught, Administrator of the Oklahoma Department of Securities, today signed a Permanent Consent Order to bar Steve Dodson, a former broker and investment adviser, from any association with the securities industry. The action is the result of a five-month investigation and subsequent administrative action that arose from an investor complaint.

"Barring Mr. Dodson from the securities industry is the maximum administrative action which the Department can take under Oklahoma law" according to Faught. "Additionally, we are pursuing our options for seeking restitution to the investors by court action or referral to the appropriate law enforcement authorities. Investors may also bring civil actions seeking restitution."

The Department found that Dodson, over a period of at least two years, sold over $5,000,000 in securities in at least three businesses which had virtually no assets. Formerly a stock broker at a Tulsa firm, Dodson persuaded certain of his clients, some of whom were retired, to transfer their investments from his former employer to his management and to invest in Dodson owned or controlled businesses. The sales of securities stopped only when an examination was conducted by the Department. By that time, the funds generated by the investments had been dissipated, according to a document filed by Dodson with the Department.

"This case is a good example of the power investors have to help themselves and market regulators, by exposing wrongdoing," Faught said. "I encourage investors who feel that they are the victims of investment fraud or abuse to contact the Department of Securities."

Today's action also revokes Dodson's registration as an investment adviser representative and revokes the investment adviser registration of Sontheim Asset Management, Inc., a firm owned by Dodson. Dodson consented to the entry of the order, eliminating the need for a hearing on the Department's allegations of violations of the Oklahoma Securities Act.
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This press release, and related information, is available on the Securities Commission's web site at securities.ok.gov, by phone at (405) 280-7700, or in writing at:  Oklahoma Securities Commission, 204 North Robinson, Suite 400, Oklahoma City, OK 73102.