Oklahoma Department of Securities

Oklahoma Department of Securities

Great Seal of the State of Oklahoma
Agency overview
Formed	July 1959
Headquarters	204 N. Robinson Ave, Suite 400, Oklahoma City, Oklahoma 73102
Ministers responsible	Vacant, Secretary of Licensing and Regulation Michael C. Mordy, Chair of Commission
Agency executives	Melanie Hall, Administrator Vacant, Deputy Administrator Gerri Kavanaugh, General Counsel Phillip Carey, Director of Operations
Parent agency	Oklahoma Securities Commission
Website	www.securities.ok.gov

Oklahoma Department of Securities

The Oklahoma Department of Securities (ODS) is a government agency of the State of Oklahoma responsible for regulating the securities industry within the state. The department licenses and oversees broker-dealers, investment advisers, and their representatives; registers securities offerings; investigates potential violations of securities laws; and provides investor education to help protect the public from fraud.

The department operates under the direction of the Oklahoma Securities Commission, which appoints the Administrator of Securities and adopts rules to enforce Oklahoma’s securities laws.

The agency was established in 1959 during the administration of Governor J. Howard Edmondson.

Responsibilities

The Department is charged with administering and enforcing the Oklahoma Uniform Securities Act of 2004. Its core responsibilities include:

• Registering securities offered or sold in Oklahoma
• Licensing broker-dealers, agents, investment advisers, and representatives
• Investigating complaints and suspected fraud
• Enforcing compliance through administrative and legal action
• Promoting investor education and financial literacy

Early Securities Regulation in Oklahoma

Prior to the establishment of the Oklahoma Department of Securities in 1959, the regulation of securities in the state was managed under earlier statutes and temporary commissions. Oversight authority often fell to panels composed of existing state officials, including the State Banking Commissioner, the Secretary of State, and the State Auditor.

These commissions operated under changing legal frameworks and were frequently reorganized, reflecting the ad hoc nature of securities oversight during the early 20th century. By the 1950s, the complexity of securities markets and increasing investor fraud prompted the Oklahoma Legislature to establish a dedicated regulatory agency.

Timeline of Early Regulation

• 1920s–1930s: Securities oversight assigned to a multi-member commission including the Bank Commissioner, State Auditor, and Secretary of State.
• 1940s–1950s: Continued regulation through temporary statutes and informal enforcement under other financial regulatory bodies.
• 1959: Department of Securities established as a standalone agency under new legislation.

Pre-1959 Commission Officials

Pre-1959 Oklahoma Securities Commissioners
Name Title/Role Term Start Term End O.B. Mothersead Bank Commissioner 1924 1927 Joe H. Strain Bank Commissioner 1923 1923 C.C. Childers State Auditor 1923 1926 R.A. Sneed Secretary of State 1923 1926 Roy Walcott Bank Commissioner 1922 1923 Fred G. Dennis Bank Commissioner 1920 1922 Joe S. Morris Secretary of State 1920 1922 Frank C. Carter State Auditor 1920 1922 Lewis Terry Unknown 1920 1926

Organization

The Oklahoma Department of Securities is structured as follows:

• Securities Commission
  • Administrator
    • Deputy Administrator
      • Professional Registrations and Compliance Division – Manages licensing and regulatory compliance for securities professionals.
      • Corporate Finance Division – Handles registration of securities offerings and reviews related filings.
      • Investigations and Enforcement Division – Investigates complaints and enforces compliance with securities laws.
      • Investor Education Division – Educates the public on financial safety and fraud prevention.

Securities Commission

Oklahoma Securities Commission

The Securities Commission is the governing body of the department and consists of five members:

• One member must be a licensed attorney
• One must be a certified public accountant
• One must be an officer of a bank or trust company
• One must be a member of the securities industry
• The Oklahoma State Banking Commissioner serves as the fifth voting member

Commissioners are appointed by the Governor of Oklahoma with the advice and consent of the Oklahoma Senate and serve staggered six-year terms.

The Commission adopts administrative rules, establishes policy, and appoints the Administrator of Securities, who manages daily operations of the department.

Current and Former Administrators

Since its establishment in 1959, the Oklahoma Department of Securities has been led by a series of Administrators appointed by the Commission. These individuals have overseen the enforcement of state securities laws and investor protection efforts.

Administrators of the Oklahoma Department of Securities

Name Title Term Start Term End Hollis Hampton Interim Administrator August 1959 October 1959 Hugh F. Owens Administrator October 1959 March 1964 Carl G. Engling Administrator June 1964 October 1968 Wm. G. Fisher Administrator February 1969 January 1971 Patrick C. Ryan Administrator February 1971 November 1971 Wm. G. Fisher Administrator December 1971 November 1974 John M. McNerney Acting Administrator November 1974 September 1975 Bruce W. Day Administrator September 1975 August 1978 Frank E. Marley Sr. Administrator August 1978 January 1983 P. David Newsome Administrator May 1983 June 1984 C. Raymond Patton Jr. Administrator July 1984 June 1986 Susan E. Bryant Administrator June 1986 March 1991 Irving L. Faught Administrator April 1991 August 2019 Melanie B. Hall Administrator October 2019 Present

Current and Former Commission Members

Since its creation, the Oklahoma Securities Commission has been composed of members appointed by the Governor and confirmed by the Senate, representing legal, financial, accounting, and securities expertise.

Commission Members of the Oklahoma Securities Commission

Name Term Start Term End Stuart J. Sander July 2025 July 2031 David T. Stanley July 2024 July 2030 Michael C. Mordy July 2023 July 2029 Randa Vernon July 2021 July 2027 Robert M. Neville July 2019 July 2025 David F. Aboud October 2017 July 2023 P. David Newsome Jr. July 2017 July 2023 Nancy K. Hyde July 2015 July 2021 Thompson S. Phillips July 2017 April 2018 William O. Johnstone May 2003 July 2013 Armand Paliotta September 2005 July 2011 Wesley D. Brantley Jr. April 2003 July 2009 John A. Shelley May 2001 May 2003 Steven T. Ledgerwood May 2000 July 2005 Don Criswell May 1998 July 2003 J. Philip Patterson June 1994 March 2000 Charles E. Newton October 1993 July 2017 Mick Thompson October 1992 Present Hank Bradley September 1992 January 2001 Gail Miles-Harrison July 1991 July 1997 Paul S. Lovoi June 1991 July 1997 John Massey June 1990 September 1992 Douglas L. Jackson April 1988 May 1994 Wayne Osborn March 1987 August 1992 Lonnie L. Farmer April 1985 April 1990 William H. Crawford August 1983 January 1984 Robert Y. Empie September 1979 May 1987 William C. McGrew September 1979 May 1986 Don Van Horn December 1978 September 1979 Joe B. McMillin Jr. August 1975 May 1987 Harry E. Leonard November 1973 October 1978 Walter Gene Moffitt May 1973 July 1979 James M. Wilson January 1972 July 1983 John D. Williams August 1969 July 1975 Earl B. Mitchell Jr. August 1969 July 1975 Herbert F. Hewett February 1966 July 1969 J. Robert Meek July 1965 May 1971 John L. Goode November 1963 January 1966 Carl B. Sebring July 1959 June 1969 Arthur M. Foster July 1959 June 1965 Charles E. McCune July 1959 November 1972 Paul C. Duncan July 1959 October 1963

Budget

The Department of Securities is not funded by annual appropriations from the Oklahoma Legislature. Instead, it operates entirely on licensing and registration fees collected from the regulated industry.

See also

• Oklahoma State Banking Department
• Oklahoma Office of Management and Enterprise Services
• North American Securities Administrators Association

External links

• Official website of the Oklahoma Department of Securities