The Oklahoma Securities Department has moved to sue a former Edmond man who was banned from being a broker or adviser in the state after he opened a website where he traded investment tips for cash.
In court documents filed Monday in Oklahoma County District Court, the Securities Department claims Jasper “Jay” Biddy IV, who now lives in Colorado, ran the website biddytrades.com. The website charged users subscription fees of up to $990 a year for Biddy's investment tips, according to court documents.
Biddy said he voluntarily converted his website to a free service in March after the Securities Department contacted him.
Most of the site has since been taken down and a message on the home page says it is under construction.
“I contacted the Securities Department multiple times over the last three months to try to resolve this issue, but they have ignored me at times,” Biddy said. “I have done everything they have asked and more, yet they still filed a lawsuit. It's a little confusing.”
The website drew more than 200 members who paid more than $116,000 in membership fees to gain access to Biddy's investment advice, according to court documents.
At least two subscribers were Oklahoma residents, according to the agency's lawsuit.
Biddy failed to disclose on the website that Oklahoma securities regulators had previously found that he had engaged in unethical and dishonest business practices, the lawsuit claims.
I contacted the Securities Department multiple times over the last three months to try to resolve this issue, but they have ignored me at times. I have done everything they have asked and more, yet they still filed a lawsuit. It's a little confusing.”
Jasper “Jay” Biddy IV,