PRESS RELEASE
License Revocation Action Commenced Against Tulsa Investment Adviser
 
For Immediate Release
Friday, February 07, 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, took the initial action today to revoke the registration of Steven M. Dodson of Tulsa as an investment adviser representative and the registration of Sontheim Asset Management, Inc., the investment advisory firm owned by Dodson. The action also seeks to bar Dodson from association with any securities broker-dealer or investment adviser.

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

According to the notice, Dodson made misrepresentations about the securities to his clients and failed to disclose information that would be material to the clients. It is futher alleged that Dodson failed to disclose that he was an officer of the company in which the investments were made, that the investments would be used to pay his personal living expenses and that the various businesses in which investments were offered had no assets.

Dodson has fifteen days to request a hearing on the proposed action. Any hearing will be held within thirty days of the request. According to Faught, the Department is ready to proceed with whatever action is necessary to permanently bar Dodson from the industry.
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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.