In February of 2012, Adcock sold an explicitly unauthorized, unapproved 'private security' (Talon Capital)to the customers. No individuals other than Adcock (and one other unregistered Arkansas resident) had any control over, or involvement in the Talon Entity.

$52,500.00

$15,000.00

Arkansas

Adcock, CRD No. 1592822, is an Arkansas resident who first became registered with the Arkansas Securities Department ("Department") as a broker-dealer agent on February 23, 1989. Adcock most recently was registered with Regal Securities, Inc. ("RSI"), CRD No. 7297, a broker-dealer firm based in Glenview, Illinois, from July 5, 2007, until April 8, 2015, where he was a general securities principal with supervisory authority. From September 5, 2008, until April 8, 2015, Adcock was dually registered with the Department as an investment adviser representative with RSI's affiliated investment adviser firm, Regal Advisory Services, Inc. ("RAS"), CRD No. 123842. Adcock worked out of and was the branch manager for an RSI/RAS branch office in Little Rock, Arkansas ("Regal Branch Office"), until August 2013 when the Regal Branch Office was relocated to Adcock's residential address in Cabot, Arkansas. Adcock is not currently registered with the Department in any capacity. Adcock and another agent at RSI, Charles Bailey Ferrill, Jr., CRD No. 1046104, formed two companies together - Talon LLC on February 23, 2011, and Talon Capital, LP ("Talon LP") approximately a year later on February 15, 2012 (collectively with Talon LLC, "Talon Entities"). Adcock and Ferrill were the only principals and managers of Talon LLC. Talon LLC served as the manager, or general partner, and investment manager of Talon LP. When Talon LP was established, Adcock and Ferrill were the only directors and principals of Talon LLC. No individuals other than Adcock and Ferrill had any control over or involvement in the Talon Entities. Adcock and Ferrill ran the principal offices for the Talon Entities out of the Regal Branch Office and used the same telephone and facsimile numbers as the Regal Branch Office. The Talon Entities have never been registered with the Department and never made registration or exemption filings with the Department to offer and sell securities in Arkansas. During the course of his dealings on behalf of the Talon entities as a registered agent and representative, Adcock violated Arkansas rules on suitability for broker-dealer agents and investment adviser representatives, and violated the Arkansas rules on unfair, misleading, or unethical practices by accepting payments from the Talon entities.

Consent

Bar (Permanent)

All Capacities

Permanent

9/1/2016

Revocation

FINRA

WITHOUT ADMITTING OR DENYING THE FINDINGS, ADCOCK CONSENTED TO THE SANCTION AND TO THE ENTRY OF FINDINGS THAT WHILE WORKING AS A REGISTERED REPRESENTATIVE FOR A MEMBER FIRM, HE MISAPPROPRIATED $10,000 IN PROCEEDS GENERATED FROM A PRIVATE PLACEMENT OFFERING DONE BY AN UNREGISTERED INVESTMENT ADVISER. THE FINDINGS STATED THAT ADCOCK MISAPPROPRIATED THE FUNDS BY DRAFTING A $10,000 CHEEK, MADE PAYABLE TO CASH, FROM THE UNREGISTERED INVESTMENT ADVISER'S BANK ACCOUNT AND CONVERTING THE FUNDS FOR HIS PERSONAL USE.

Acceptance, Waiver & Consent(AWC)

Bar (Permanent)

All Capacities

6/10/2015

ALLEGED MISREPRESENTATION AND ALLEGED UNSUITABILITY.

$2,100,000.00

$75,500.00

CUSTOMER ALLEGED THAT MR ADCOCK DID NOT EXPLAIN FULL TERM OF CERTIFICATE OF DEPOSIT; ALLEGED THAT MR. ADCOCK SOLD AS A 2 YEAR PRODUCT WHEN FINAL MATURITY IS 20 YEARS.

$7,000.00

$6,480.00