On March 3, 2017, the SEC obtained a final judgment against Marrien Neilson, a former senior vice president at a subsidiary of Oklahoma-based BOK Financial (NASDAQ: BOKF), ordering her to pay $55,000 in monetary relief and never again to engage in corporate trust work related to municipal securities.
The SEC's complaint, filed in federal court in New Jersey on September 9, 2016, alleged that Neilson was chiefly responsible for the failures of the bank's corporate trust department while overseeing what turned out to be a series of fraudulent bond offerings managed by Christopher F. Brogdon, an Atlanta-based businessman. Brogdon was previously charged with fraud and ordered by the court to repay more than $86 million to investors. The SEC's complaint charged Neilson with aiding and abetting Brogdon's violations of Section 17(a) of the Securities Act of 1933 and Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder.
The final judgment, which was entered by the Honorable Kevin McNulty of the U.S. District Court for the District of New Jersey, permanently enjoined Neilson from violating the charged provisions of the federal securities laws, imposed a conduct-based injunction, and ordered her to pay disgorgement of $29,624.03, representing the bonus compensation she received for her work on the Brogdon offerings, interest totaling $4,208.92, and a civil penalty of $21,167.05. The court's entry of this judgment resolves this litigation.
The SEC previously entered a cease-and-desist order requiring BOKF, NA, to pay more than $1.6 million to settle charges that it concealed numerous problems and red flags from investors in the Brogdon bond offerings.