Arkansas Business reports
that the state Securities Departmen
t has sued former bond salesman Steele Stephens
for failure to pay a $20,000 fine assessed after an investigation of his securities dealing with former Arkansas Treasurer Martha Shoffner
Shoffner faces a federal prison sentence for taking money from Stephens in return for her office's bond business with him. He made some $2.4 million in commissions over the span of his dealing with the office. The criminal charges said he paid her some $36,000 in cash. He cooperated with the investigation and was never charged with a crime.
A Securities Department hearing officer concluded a review of Stephens on allegations including unsuitable investments and false information provided to the client by revoking his registration May 7 and assessing the fine. He also has been barred by national officials from the securities business. The state said Stephens had not paid the fine and asked for a court judgment for the amount of the regulatory ruling.