Sandy Simmons: Ex-Patrick Capital Advisor Barred, Faces $1.8mm Claim

Former Castle Rock, Colorado financial advisor Sandy Simmons (CRD# 1018907) recently received a seven-figure investor complaint and was barred over alleged rule violations. Financial Industry Regulatory Authority records show that he was previously registered with Saxony Securities, Patrick Capital Markets, and Colorado Financial Service Corporation.

A Letter of Acceptance, Waiver, and Consent (# 2021071851101) released by FINRA describes its enforcement action against Mr. Simmons. Filed on October 17, 2024, it alleges that he refused to cooperate with an investigation into his conduct. As it notes, FINRA Rule 8210 empowers FINRA to require associated persons to provide testimony concerning matters under its investigation. It also forbids such persons from failing to provide requested testimony. The regulator sent him a request for testimony on July 25, 2024, according to the letter, and he indicated via counsel on September 16, 2024 that he would not do so. FINRA found that his refusal violated Rule 8210 and Rule 2010, under which persons associated with FINRA must “observe high standards of commercial honor and just and equitable principles of trade.” As a result of these findings, FINRA barred him from from associating with any FINRA member in all capacities..

Mr. Simmons’ BrokerCheck report discloses one investor complaint against him. Filed in September 2024, it alleges that as a representative of Patrick Capital Markets, he breached his duties and obligations to the customer when he recommended investments in real estate-based Regulation D private placements. The pending complaint alleges damages of at least $1.8 million.

According to the Financial Industry Regulatory Authority, Sandy Simmons holds 39 years of securities industry experience. Most recently based in Castle Rock, Colorado, he was registered as a broker with Saxony Securities from 2023 until 2024. His past registrations include Patrick Capital Markets, Colorado Financial Service Corporation, WealthForge Securities, Provasi Capital Partners, Cabot Lodge Securities, Grifin Capital Securities, K-One Investment Company, AIM Distributors, Delaware Distirbutors, and The Investment Services Corporation. His credentials include the passage of eight securities industry qualifying exams: the Direct Participation Programs Principal Examination, or Series 39; the Investment Company Products/Variable Contracts Principal Examination, or Series 26; the General Securities Principal Examination, or Series 24; the General Securities Representative Examination, or Series 7; the Securities Industry Essentials Examination, or SIE; the Uniform Securities Agent State Law Examination, or Series 63; the Uniform Investment Adviser Law Examination, or Series 65; and the Uniform Combined State Law Examination, or Series 66. He has been barred from acting as a broker. (Information current as of October 18, 2024.)

Carlson Law represents investors throughout the United States in claims against financial advisors and investment firms. If you or a loved one have suffered investment losses, please call us at 888-976-6111 or complete our contact form for a free and confidential consultation.