A former long-time broker who has been indicted on capital murder, wire fraud and Ponzi scheme charges is now facing sanctions from the Financial Industry Regulatory Authority (Finra) for failing to respond to their investigation.
Finra said it began its investigation into Keith Todd Ashley for allegedly engaging in undisclosed outside business activities and private securities transactions after he was terminated by Parkland Securities, where he had been a broker since 2002.
By the time Finra began sending requests for information to Ashley, he was in the Bowie County Correctional Center in Texarkana, Texas, on the murder and securities fraud indictments. While at least one request was hand-delivered to Ashley, he did not answer, which is a violation of Finra rules, the regulator said.
As a result of Ashley’s lack of response to Finra’s request, the regulator has the authority to seek sanctions against the ex-broker, including an industry bar. But the incarcerated Ashley may have bigger concerns than a lifetime ban from the securities industry.
Ashley, the owner of the now-shuttered Nine Band Brewing in Allen, Texas, was taken into custody for alleged capital murder a year ago after a grand jury indicted him. According to the indictment, Ashley befriended James Seegan, a 62-year…
