JACK CHARLES BIXLER is currently employed as a Broker and/or Investment Adviser at SANDLAPPER SECURITIES, LLC located at 800 EAST NORTH ST., 2ND FLOOR, GREENVILLE, SC, 29601.
JACK CHARLES BIXLER has worked at SANDLAPPER SECURITIES, LLC since June 15, 2006
Disclosure History
JACK CHARLES BIXLER has 1 Disclosure Event(s).
Date: September 29, 2017 Category: Regulatory Initiated By: FINRA Allegations: Bixler was named a respondent in a FINRA complaint alleging that he, with his member firm and the firm's CEO, participated in a fraudulent scheme and defrauded investors by selling investments in saltwater disposal wells at excessive, undisclosed markups through a middleman "development" company they owned and controlled. The complaint alleges that the fraudulent markups totaled over $8 million. The complaint also alleges that investors were not informed, in the private placement memorandum (PPM) or otherwise, that the fund would pay or had paid excessive markups for its purchases of interests in saltwater disposal wells from the development company. Bixler repeatedly violated his fiduciary duties of loyalty to the fund by causing the development company to usurp opportunities to invest in the wells and by causing the fund to purchase interests in those wells from the development company at excessively marked up prices. Bixler breached his fiduciary duties of care to the fund by engaging in transactions with affiliates without taking steps to ensure that the fund was paying fair prices for its investments, such as abiding by the promise to obtain independent appraisals as represented in the PPM. As a result, among other things, the fund owned a smaller percentage of each well it purchased, and investors in the fund earned correspondingly lower distributions resulting from the fund's well interests. As a result, Bixler willfully violated Section 10(b) of the Securities Exchange Act of 1934, Rule 10b-5(a)-(c) thereunder, and FINRA Rules 2010 and 2020. The complaint further alleges that the development company was largely engaged in buying and reselling well interests, which were securities. Although this rendered it a dealer of securities, Bixler failed to register the development company with FINRA or the SEC. By virtue of his ownership and control of the development company, Bixler had the ability to cause the development company to register as a dealer but failed to do so. As a result, Bixler willfully violated Section 15(a) of the Securities Exchange Act of 1934 and FINRA Rule 2010.
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