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December 3, 2009

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Securities license suspended

Tuesday, Oct. 9, 2001 | 10:47 a.m.

The Nevada Securities Division suspended the license of Moody Investment Consultants' supervisor Michael Moody, who is accused of failing to properly supervise a broker whose license was revoked by the state in January for embezzling $2 million from investors.

Moody is the Las Vegas manager of Moody Investment, a branch of Irvine, Calif., brokerage Finance 500 Inc. He was accused of failing to "reasonably supervise" broker Tony Dean Davis, when he failed to discover and stop him from making 28 unauthorized third-party wire transfers from customer accounts over an 11-month period.

Moody said he "had no part in Davis' criminal activity" and that he could have kept his license if he had signed a consent agreement in which he admitted he failed to properly supervise Davis. But he said he refused to do so for fear of future liability. Moody closed the Las Vegas office in April.

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