Clark Smith Gardner
| Clark Smith Gardner | |
|---|---|
| Clark S. Gardner Clark Gardner | |
| Born | Clark Smith Garder[1] January 31, 1961 |
| 🏡 Residence | Orem, Utah |
| 🏳️ Nationality | American |
| 🏳️ Citizenship | United States |
| 🏫 Education | B.S., A.S.[2] |
| 🎓 Alma mater | Brigham Young University, Ricks College/BYU Idaho[2] |
| 💼 Occupation | |
| 📆 Years active | 34+ |
| 👔 Employer | Financially Fit |
| Title | Public Relations and Business Development Officer |
| Criminal charge | 2015 - 34 counts of Felony Securites Fraud ( 26 second-degree felony counts for communications fraud, securities fraud, theft, and pattern of unlawful activity, and eight third-degree felony counts of registration before sale); 2014 - Converting client funds and selling securities without the knowledge of Gardner’s broker-dealer.; 2005 - Distributing copies of a brochure promoting an insurance policy that communicated false or misleading information [1][3] |
| Criminal penalty | Sentenced to between one and 15 years in prison.[4] Later given 7 years probation instead.[5] |
| Criminal status | Convicted Felon on probation. |
Clark Gardner is a Utah-based securities-industry professional, businessman, and convicted felon. He is currently Public Relations and Business Development officer of Financially Fit, a Steve Down company. He is best known from a convicted financial scam he operated from November 2011 to April 2014 that involved the theft of nearly $1.5 million, which he was sentenced for in 2016.[3]
Clark Gardner has spent 16 years in the securities industry and was most recently registered with Cetera Advisors in Orem, Utah (2013-2014). He is currently not registered with any state or firm, as he has been permanently barred from acting as a broker or an investment adviser. He was first barred by FINRA in 2014[6][4], then by the U.S. Securities and Exchange Commission in June 2016.[4][7][8]
Biography[edit]
Gardner makes his home in Orem, Utah. He attended Brigham Young University from 1978-1983. He has been President of his own company, Clark S. Gardner Inc., for his private ventures since 1994. He currently serves as Public Relations and Business Development Officer for Financially Fit, a Steve Down company that claims to help people manage their finances through financial coaching.[9][2]
Over his career, he has been involved in the financial industry in various capacities. He started as a Senior Supervisor at KPMG Peat Marwick from 1983-1986. He then became a Vice President for Valley Federal Savings & Loan in 1986 until 1990. He then became Treasurer & CFO of the California Student Loan Finance Corporation in 1990 until 1994.[2]
After this, he entered the securities industry and completed his series 6 & 63 exams on August 25th, 1997. He later completed a series 7 exam on July 8th, 2005. He was most recently registered with Cetera Advisors in Orem, Utah (2013-2014). Previous registrations include Sammons Securities Company in Orem, Utah (2002-2013) and Walnut Street Securities in El Segundo, California (1997-2002). [8]
Securities fraud[edit]
In June, 2016 the SEC announced a permanent bar of Clark Gardner from the securities industry.[7] This followed on the heels of a bar issued by FINRA in 2014. The FINRA bar related to Gardner’s outside business activities, and sales of unregistered securities. That year, in May, 2014 Gardner was discharged by his employer, Cetera Advisors, with allegations pending that he failed to disclose his outside business activities and sold unapproved products.[4][8] An arrest warrant was issued for Clark Gardner with a bail amount of $100,000 on May 28th, 2015. [10]
Gardner consented to the entry of findings against him in the SEC action. The SEC proceeding was filed shortly after Gardner pleaded guilty to securities fraud in Utah District Court, and was sentenced to between one and fifteen years in prison, with the sentence suspended by the court. Gardner pleaded guilty to charges that he obtained money from clients using false and misleading representations and engaged in a practice or course of business that acted as a fraud or deceit on his clients. As a result of this guilty plea the SEC commenced proceedings, which resulted in a bar against Gardner.[4][8]
Gardner was charged with converting approximately $1.3 million in client funds by selling promissory notes to clients and depositing the funds into his personal bank account from November 2011 to April 2014. Charges included 34 felony counts for his reported illegal activities — 26 second-degree felony counts for communications fraud, securities fraud, theft, and pattern of unlawful activity, and eight third-degree felony counts of registration before sale.[3][8][1][11]
The Division of Securities for Utah's Department of Commerce began an investigation of Gardner on May 19, 2014 after receiving a complaint from an investor. During the investigation, additional illegal activity was reportedly uncovered, including a $150,000 property purchase Gardner completed with an unregistered real estate company that earned him $20,000 in compensation for the deal.[3]
Earlier securities industry disputes[edit]
In February 2005, the Utah Insurance Department initiated a regulatory complaint against Gardner, alleging that during the month of February 2004, Gardner and another insurance agent distributed copies of a brochure promoting a specific insurance policy that communicated false or misleading information, utilizing an unlicensed insurance agency. This was resolved with an administrative forfeiture and a monetary fine.[8]
In 2014, FINRA took action against Gardner for converting client funds and selling securities without the knowledge of Gardner’s broker-dealer.[8]
Gardner also was involved in a lawsuit in Pennsylvania for advising clients to purchase life insurance policies while misrepresenting the nature and benefits of the policies.[3]
Steve Down SEC investigation[edit]
Clark Gardner’s name has recently surfaced as part of a separate SEC investigation into The Falls Event Center out of Salt Lake City, Utah. Entrepreneur Steve Down has received subpoenas from the SEC in relation to an investigation into the (alleged) sales of unregistered securities. Clark Gardner works for one of Steve Down’s companies, Financially Fit, one of the companies that received an SEC subpoena.[5][4]
See also[edit]
References[edit]
- ↑ 1.0 1.1 1.2 Utah’s Right to Know (2017) District Court Charges from 1997-2015 Utah’s Right to Know.
- ↑ 2.0 2.1 2.2 2.3 Gardner, Clark (23 October 2017) Clark Gardner Linkedin Corporation.
- ↑ 3.0 3.1 3.2 3.3 3.4 Downs, Danielle (29 May 2015) Arrest warrant out for Orem man who reportedly stole nearly $1.5 million Daily Herald.
- ↑ 4.0 4.1 4.2 4.3 4.4 4.5 Liebrader, David (30 July 2017) FINRA SEC Bar Clark Gardner The Law Office of David Liebrader & Securities Fraud Lawyer Blog.
- ↑ 5.0 5.1 Manning, Jeff (31 August 2017). Landlord of Oregon's Evergreen Aviation & Space Museum subject of SEC inquiry The Oregonian.
- ↑ Soreide Law Group (3 December 2014) Utah Broker Barred by FINRA for Alleged Conversion of Client Funds for his own Personal Use
- ↑ 7.0 7.1 USA before the SEC (15 June 2016)ORDER INSTITUTING ADMINISTRATIVE PROCEEDINGS PURSUANT TO SECTION 15(b) OF THE SECURITIES EXCHANGE ACT OF 1934 AND SECTION 203(f) OF THE INVESTMENT ADVISERS ACT OF 1940, MAKING FINDINGS, AND IMPOSING REMEDIAL SANCTIONS USA before the SEC.
- ↑ 8.0 8.1 8.2 8.3 8.4 8.5 8.6 FINRA (23 October 2017) CLARK SMITH GARDNER FINRA Brokercheck.
- ↑ Gardner, Clark (6 October 2014). Steve Down and Financially Fit Announce Global Wake-Up Call Release Express Press Release.
- ↑ State if Utah (28 May 2015). Warrant of Arrest 2015 Daily Herald.
- ↑ Fitapelli Kurta (24 June 2016) Clark Gardner Permanently Barred from Securities Industry Fitapelli Kurta Stock Fraud Attorneys & Investor Advicates.
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