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.[1]
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.[2]
The agency was established in 1959 during the administration of Governor J. Howard Edmondson.[3]
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.[4]
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.
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.[6]
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.
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