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Archive for May, 2014

Goolsby, partner issued cease and desist order for Empowered Investor

Thursday, May 22nd, 2014

WILMINGTON, NC (WWAY) — The North Carolina Secretary of State’s office has told Sen. Thom Goolsby (R-9th District) and a business partner to stop their work as investment advisers.

The Secretary of State Securities Officials issued a Final Consent Order in a case involving the Empowered Investor Inc., which is owned by Goolsby and James Upham.

The order was issued after Secretary of State Division of Securities investigators found that the company and the two investment advisers marketed an investment strategy they termed the “10-20-50 Plan.” According to a news release from the Secretary of State’s office, the plan supposedly invested clients’ money in a way where investments losing more than 10 percent would be sold to prevent further loss, investments earning more than 20 percent would be sold to capture the gains, and no more than 50 percent of the clients’ accounts would be invested in securities at any one time. Investigators determined this plan frequently was not followed, resulting in greater client losses than if failing investments had been sold once they suffered a 10-percent loss. Investigators also found clients were not told their money was being invested in a way that was different than being advertised.

As part of the consent order, the company and the two investment advisers had their investment adviser registrations revoked by the Secretary of State’s Office. The order also requires the three parties to wait 10 years before seeking to register as investment advisers again.

Empowered Investor Incorporated, Upham and Goolsby were also ordered to cease and desist from engaging in any practice involving securities or financial services business in North Carolina.

Goolsby, who was elected to the North Carolina Senate in 2010, announced earlier this year he would not seek a third term in office. He has said he wants to spend more time with his family and on his Wilmington law practice.

Stay with WWAY NewsChannel 3 for more on this developing story.

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More: continued here

Forecasters predict slow Atlantic hurricane season

Thursday, May 22nd, 2014

MEGHAN BARR
Associated Press

NEW YORK (AP) — Federal forecasters are predicting a slower than usual hurricane season this year because of an expected El Niño system.

The National Oceanic and Atmospheric Administration said in New York City on Thursday that the periodic Pacific warming characteristic of El Niño will likely reduce the number and intensity of tropical storms and hurricanes.

Cooler temperatures on the surface of the Atlantic Ocean compared with recent years will also lower the probability of hurricane formation.

Officials expect about eight to 13 named tropical storms and three to six hurricanes. Just one or two major hurricanes with winds over 110 miles per hour are forecast.

Officials warned it takes only one storm to wreak havoc and urged Americans to be prepared.

A new mapping tool will keep coastal residents updated on the storm surge threat in their communities.

(Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)

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More: continued here

Goolsby, partner ordered to stop investment services

Thursday, May 22nd, 2014

WILMINGTON, NC (WWAY) — The North Carolina Secretary of State’s office has told Sen. Thom Goolsby (R-9th District) and a business partner to stop their work as investment advisers.

The Secretary of State Securities Officials issued a Final Consent Order in a case involving the Empowered Investor Inc., which is owned by Goolsby and James Upham.

The order was issued after Secretary of State Division of Securities investigators found that the company and the two investment advisers marketed an investment strategy they termed the “10-20-50 Plan.” According to a news release from the Secretary of State’s office, the plan supposedly invested clients’ money in a way where investments losing more than 10 percent would be sold to prevent further loss, investments earning more than 20 percent would be sold to capture the gains, and no more than 50 percent of the clients’ accounts would be invested in securities at any one time. Investigators determined this plan frequently was not followed, resulting in greater client losses than if failing investments had been sold once they suffered a 10-percent loss. Investigators also found clients were not told their money was being invested in a way that was different than being advertised.

As part of the consent order, the company and the two investment advisers had their investment adviser registrations revoked by the Secretary of State’s Office. The order also requires the three parties to wait 10 years before seeking to register as investment advisers again.

Empowered Investor Incorporated, Upham and Goolsby were also ordered to cease and desist from engaging in any practice involving securities or financial services business in North Carolina.

Goolsby, who was elected to the North Carolina Senate in 2010, announced earlier this year he would not seek a third term in office. He has said he wants to spend more time with his family and on his Wilmington law practice.

Stay with WWAY NewsChannel 3 for more on this developing story.

ThomGoolsby.jpg

More: continued here

Amount of federal funds for beach projects unclear

Thursday, May 22nd, 2014

North Topsail Beach and Surf City need $138.5 million for storm damage reduction project

More: continued here

Sen. Goolsby, business partner ordered to stop offering financial services in NC

Thursday, May 22nd, 2014

State Senator Thom Goolsby and business associate James Upham have been ordered to stop offering financial services in the state, according to an order issued by the North Carolina Secretary of State's Office.

More: continued here

 

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