First Oak Wealth Management, Llc

Allegations: FOWM VIOLATED SECTION G.S. 78C-16(B) AND 78C-19(A)(2)(J) OF THE NORTH CAROLINA INVESTMENT ADVISERS ACT, AND ADMINISTRATIVE RULES 18 NCAC 06A.1707(B), .1801(A)(18) AND .1808. Status: Final Sanction Detail: ADMINISTRATIVE CEASE AND DESIST ORDER, $25,000 CIVIL PENALTY PLUS INVESTIGATIVE COSTS FOR UTILIZATION OF AN UNREGISTERED SOLICITOR, FAILURE TO REASONABLY SUPERVISE AND FAILURE TO PROVIDE A BROCHURE SUPPLEMENT FOR THAT SOLICITOR. Summary: ON 4/8/19 THE NC SECRETARY OF STATE ISSUED, BY CONSENT AND WITHOUT ADMISSION OR DENIAL, A CEASE AND DESIST ORDER ALONG WITH ASSESSMENT OF A CIVIL PENALTY AND COSTS AGAINST FIRST OAK FOR ISSUES THAT TOOK PLACE IN 2017, WHILE FIRST OAK WAS REGISTERED WITH THE NORTH CAROLINA SECRETARY OF STATE, SECURITIES DIVISION. THE FINDINGS WERE THAT FIRST OAK UTILIZED A SOLICITOR WITHOUT REGISTRATION AS AN INVESTMENT ADVISER REPRESENTATIVE FOR THE PURPOSE OF SOLICITING NEW CLIENTS WHOSE ACCOUNTS WERE PURCHASED BY FIRST OAK FROM THE SOLICITOR'S FORMER INVESTMENT ADVISORY FIRM. IT WAS ALSO FOUND THAT FIRST OAK FAILED TO REASONABLY SUPERVISE THIS SOLICITOR, AND VIOLATED THE BROCHURE SUPPLEMENT REQUIREMENT AND SOLICITOR RULE REGARDING THIS SOLICITOR.