Securities Department sues former broker over website

Regulators have sued a former Edmond broker for running a subscription-based investment website after he was barred from acting as a broker or adviser in Oklahoma.
by Brianna Bailey Modified: May 1, 2013 at 1:32 pm •  Published: May 1, 2013
Advertisement
;

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.


by Brianna Bailey
Business Writer
Brianna Bailey has lived in Idaho, Germany and Southern California, but Oklahoma is her adopted home. She has a bachelor's degree in Journalism from the Univerisity of Oklahoma and has worked at several newspapers in Oklahoma and Southern...
+ show more


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,

Trending Now


AROUND THE WEB

  1. 1
    Oklahoma State's Justin Gilbert signs his rookie contract with the Cleveland Browns
  2. 2
    Tulsa police believe mother, teen son planned deaths together
  3. 3
    Kevin Durant asks for your basketball videos in Summer is Serious 2
  4. 4
    Big 12 basketball: Time, TV listing announced for Sooners' December game against Washington
  5. 5
    Lawsuit: 'Duck Dynasty' stole 'camo' idea
+ show more