FINRA accused Baily of engaging in undisclosed and unapproved private securities transactions.
The Sonn Law Group is investigating allegations that Troy Baily committed misconduct. If you or a family member has suffered losses investing, we want to discuss your case. Please contact us today for a free review of your case.
Troy Baily (CRD#: 4458930) was previously registered as a broker with Sagepoint Financial in Omaha, Nebraska from November 2016 until March 2018. Bailey was suspended by FINRA for a period of six months and fined $5,000 following his acceptance of findings that he engaged in undisclosed and unapproved private securities transactions.
FINRA’s findings stated that Baily solicited investors to purchase securities in Future Income Payments, LLC (FIP). FIP represented itself as a structured cash flow investment, claiming to purchase pensions at a discount from pensioners and then selling a portion of those pensions as a pension stream to investors. FIP generally promised investors a 7% to 8% rate of return on their investment. Baily sold $210,000 in FIP purchase agreements to four investors, including three who were customers of his member firm.
Baily received a total of $8,900 in commissions in connection with these transactions. Respondent did not provide written notice to his firm prior to participating in the transactions involving FIP, nor did he obtain written approval from the firm. FIP ceased business, owing nearly $300 million in unpaid investor payments. In an indictment, the United States charged FIP and its owner with conspiracy to engage in mail and wire fraud related to FIP’s operations. Baily’s suspension began on October 19, 2020.
Baily has two other disclosures on his BrokerCheck report.
August 2019 Customer Dispute
- Status: Pending
- Allegations: Improper recommendation of structured cash flow products in 2017 and 2018.
- Damage Amount Requested: $135,000.00
May 2008 Customer Dispute
- Status: Denied
- Allegations: Unsuitable recommendations of variable annuity, limited partnerships, and a fixed annuity.
- Damage Amount Requested: $250,000.00
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The Sonn Law Group is currently investigating allegations that Troy Baily committed misconduct. If you or your loved one experienced investment losses, we are here to help. For a free consultation, please call us now at 866-827-3202 or complete our contact form.
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