Arkansas Securities Commissioner B. Edmond Waters has issued a cease and desist order against AFR Brokerage, LLC and Batesville resident Antron F. Ramey, according to a release from the Arkansas Securities Department.
AFR is a corporation organized and operating under the laws of the State of Arkansas. Ramey is president, founder and a managing member of AFR. Neither AFR nor Ramey have ever been registered with the Arkansas Securities Department in any capacity, the release noted.
Waters said in violation of the Arkansas Securities Act and the Rules of the Arkansas Securities Commissioner, AFR and Ramey have offered to sell securities to Arkansas residents. AFR and Ramey also omitted to tell potential investors they were not properly registered with the Department, and are not lawfully allowed to sell securities to anyone in Arkansas. In addition, Ramey made multiple misstatements and did not state material information in a promotional video about AFR that Ramey posted on his Facebook account.
Finally, AFR and Ramey fraudulently included the names of an attorney and a law firm, neither of whom had any relation to AFR and Ramey, on contracts signed by Ramey and five Arkansas residents.
“Arkansas residents are encouraged to contact the Arkansas Securities Department prior to making any investment in order to find out if the person selling or offering to sell any security is properly registered or exempt from registration with the Department,” said Scott Freydl, staff attorney for the Arkansas Securities Department.
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