Securities Firm WR Rice, Owner Facing FINRA Fraud Complaint

Law360, Chicago (November 5, 2012, 4:42 PM EST) -- The Financial Industry Regulatory Authority's enforcement division revealed Monday that it is demanding a temporary cease-and-desist order against WR Rice Financial Services Inc. and its owner over allegations that they fraudulently sold interests in related companies and used investor assets as unsecured loans.

The independent securities regulator's department of enforcement also lodged an administrative complaint dated Nov. 2 against the Michigan-based firm and owner Joel I. Wilson alleging that they and other firm representatives sold roughly $4.7 million in limited partnership interests to about 100 investors...
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