Case summary
On March 25, 2025, the Washington State Department of Financial Institutions Division of Securities entered a Consent Order (S-25-3915-25-CO01) against Scott Smith; Allen Woodard; Troy Colby.
Order details
Order File: S-25-3915-25-CO01
Laws & Rules: RCW 21.20.110, WAC 460-24A-220
Penalties/Remedies:
- Fine: $1,000
- Investigative costs: $1,000
Findings
- The Respondents are former investment adviser representatives of a Washington-based investment advisory firm.
- When leaving their former firm, the Respondents contacted the firm’s broker-dealer and caused approximately 92 client accounts to be de-linked from their former firm’s master account.
- The Respondents communicated with the majority of de-linked clients about these changes, but did not communicate with at least 5 clients about the de-linking and did not obtain those clients’ consent to do so.