A North Providence securities dealer and investment adviser has been barred from associating with the National Association of Securities Dealers for allegedly bilking $1.4 million from investors in six states, including Utah.
Edward E. Dockray was also fined $700,000 by NASD, the self-regulatory body of the securities industry, The Providence Journal-Bulletin reported Friday."This effectively kicks him out of the business," said Willis H. Riccio, vice president and director of NASD's district office in Boston. "Most brokers are either members of NASD or the stock exchange, and the U.S. Securities and Exchange Commission honors the NASD bar."
NASD alleges Dockray ran a fraudulent securities scheme that enticed 140 people to invest more than $1.4 million in a "white board," an electronic bulletin board and copying machine for hotels and convention centers.
The NASD disciplinary complaint charged Dockray and his partner, Raymond D. Pollard of Missouri City, Texas, "misused and or misappropriated" the investments.
Dockray, 48, could not be reached for comment. NASD said he neither admitted nor denied the allegations, but agreed to the sanctions and findings, thereby avoiding an administrative trial.
Pollard is not a NASD member and is not subject to NASD sanctions.
Dockray has denied allegations in a complaint filed against him by the Massachusetts Division of Securities. A hearing on those allegations is set for November, said Paul Glickman, chief of enforcement.