FINRA has affirmed the expulsion of Sandlapper Securities, as well as Trevor Gordon, CEO, and Jack Bixler, principal and president.
Gordan and Sandlapper are to pay a total of $2.4 million in penalties and restitution, and Gordon was personally ordered to pay an additional $4.7 million.
Sandlapper Securities is a small broker-dealer that created and sold private placement investments in saltwater disposal wells. In November 2018, FINRA found that Sandlapper Securities committed securities fraud by charging its employees and family members improper and undisclosed bonuses totaling more than $8 million.
