The Oklahoma Department of Securities has decided to drop attempts to have an Oklahoma City brokerage firm's license suspended and has imposed a $10,000 fine in alleged securities violations.
The order against Anderson Bryant & Co. comes 10 days after the department accused the firm of numerous security law violations. The case concerns the sale of stock in United Dental Care Inc. and Anderson Bryant's participation in the 1986 merger of that business with Mega Plex Inc. of Utah.Gary Bryant, owner of the securities firm, agreed to a five-day personal suspension but did not admit fault. He said he agreed to the settlement to speed a resolution to the matter.
The department's latest order does not affect actions against United or five other individuals associated with the two firms.
State securities regulators initially sought a $50,000 fine against Anderson Bryant and Gary Bryant, along with administrative penalties. Gary Bryant could have requested an administrative hearing or legal action to refute the allegations.