The web Browser you are currently using is unsupported, and some features of this site may not work as intended. Please update to a modern browser such as Chrome, Firefox or Edge to experience all features Michigan.gov has to offer.
LARA Revokes Registration of Grand Blanc Investment Adviser Jason Bescoe and Research Money Management for Fraudulent Conduct
Media Contact: LARA Communications 517-373-9280
June 19, 2018 - LARA’s Corporations, Securities & Commercial Licensing Bureau (CSCL) issued a Final Order revoking the registrations of Jason K. Besco, investment adviser representative; and Research Money Management, LLC (RMM), an investment adviser firm, both of Grand Blanc, MI.
“The Michigan Uniform Securities Act (the Act) prohibits dishonest or unethical practices in the securities industry,” said CSCL Director Julia Dale. “Our bureau will continue to take strong regulatory actions to protect the public. Consumers should always have a clear understanding of long- and short-term investments and the risk involved. Frequently monitor your investments to avoid any potential for substantial losses.”
An investigation by CSCL found evidence that Bescoe and RMM failed to update their registration applications and public disclosure information, as required by the Act and the terms of their conditional registrations; engaged in fraud in the provision of investment advice; unlawfully accepted custody of client funds; convinced investment advisory clients to transfer approximately $300,000 to an entity not registered under the Act to perform the promised services; and, made multiple and repeated false statements to CSCL in registration documents, public disclosure documents concerning Bescoe’s outside business activities, and quarterly reports and other documents and information required to be submitted as part of their conditional registrations.
The investigation led CSCL to issue an Order to Cease and Desist; an Order Summarily Suspending Investment Adviser and Investment Adviser Representative registrations; and a Notice of Intent to Revoke Investment Adviser and Investment Adviser Representative registrations against Bescoe and RMM. Bescoe is the managing member and the sole employee of RMM. CSCL also made a criminal referral to the appropriate law enforcement authority.
Bescoe and RMM admitted to all of the allegations in the Notices of Intent and Orders of Summary Suspension, and Notices and Orders to Cease and Desist, agreeing to the revocation of their respective registrations. The revocations are effective immediately.
Before entering into an investment, Michigan consumers are encouraged to contact CSCL and the bureau can run a registration check on any investment adviser, broker-dealer, professional, or product. CSCL can be reached at 517-241-6345 or online at: www.michigan.gov/securities.
Investors are reminded that there is no replacement for their own due diligence. Investor education materials may also be found using that link.
Securities orders, once issued, entered and served, can now be found online at http://www.michigan.gov/lara/0,4601,7-154-61343_35395_77138_77140_77142---,00.html.