Published: November 09, 2009 12:29 pm      

Department of Securities files petition for restitution

Ada — The Oklahoma Department of Securities has filed a petition for restitution and/or other equitable relief against the estate of Bryan David Roark, former Ada resident. Roark died Oct. 24, 2009.

“Specifically, the Department accuses Roark of issuing, offering and selling unregistered securities in violation of Section 1-301 of the Act (Uniform Securities Act of 2004) and/or perpetrating a fraud in connection with the offer, sale or purchase of securities in violation of Section 1-501 of the Act,” the petition said.

The petition was filed in Oklahoma County District Court on Nov. 4 and alleged Roark had opened a bank account, “styled as an account of Morgan Stanley.”

“Roark was not authorized by Morgan Stanley to open and/or maintain the account and he had sole control over the account,” the petition said.

The petition alleged that Roark had misused the account.

“Roark represented to investors that interest would be paid on the CDs (certificates of deposits) at a specified annual rate,” the petition said. “Roark did not invest or expend the investors’ funds in any way to generate the promised profits or returns to investors.”

The petition also requested orders from the court prohibiting Morgan Stanley and Roark’s affiliates and others from tampering with evidence, freezing the assets of Roark’s estate, prohibiting Roark’s estate from tampering with or disposing of assets, appointing a receiver for Roark’s estate, and requiring Roark’s estate to make restitution “to any and all investors.”

On Nov. 6, an emergency application to sell cattle was filed by the newly appointed receiver of the assets of Roark’s estate, Douglas L. Jackson.

An order granting that application was filed the same day.

“Without limit forgoing, the Receiver is authorized to sell the 89 calves referenced in the Receiver’s Emergency Application in the manner requested by the Receiver in his Application,” the order said.