Financial Talker Fined By Arkansas Regulator
December 9, 2009 at 5:20 AM (PT)
CITADEL Talk KARN-F/LITTLE ROCK SATURDAY financial advice show host STEVE KIEFER has been fined $50,000 and had his broker's license suspended for two weeks by the ARKANSAS SECURITIES DEPARTMENT after signing a consent order over allegations he moved clients from no-fee Class A mutual funds to Class B and C funds for which he received a commission, according to THE ASSOCIATED PRESS.
KIEFER owns APPLE TREE INVESTMENTS INC. and denies that his actions were not in his customer's best interests. An APPLE TREE broker, MITCH TAPSON, was also fined $5,000 and barred until he joins a company with "heightened supervision."
On TUESDAY, KIEFER indicated that he thought he had been targeted by state regulators after giving a speech at an APRIL 15th "tea party," but ARKANSAS SECURITIES DEPARTMENT officials denied that they targeted him and say that the investigation started months before the "tea party" appearance, according to ARKANSAS BUSINESS.