Tennessee Accountant Banned from Insurance/Securities Business

The Tennessee Department of Commerce and Insurance (TDCI) has revoked the accountancy license and CPA firm permit of Mark S. Riddle, and has permanently barred him from seeking an insurance agent license or any securities registrations in the state. Riddle has waived administrative hearings and has agreed, through consent orders, to actions sought by TDCI, as a result of his pleading guilty to three felonies related to a Ponzi scheme involving the late Robert McLean, who committed suicide in 2007. Riddle, of Murfreesboro, was arrested April 2010 in RutherfordCounty, pursuant to a seven-count indictment that included allegations that he stole more than $668,000 from multiple investors whom he sold unregistered securities and that he acted as an unlicensed broker/dealer. Earlier this month, Riddle pleaded guilty to the sale of unregistered securities. He was sentenced to six years’ probation. Riddle signed a consent order with the Accountancy Board, agreeing to the permanent revocation of his individual CPA license and his CPA firm permit. The Board received the consent order Aug. 11, 2010. Riddle signed another, joint consent order with the Tennessee Insurance Division, permanently barring him from applying for an insurance producer (agent) license, and with the Tennessee Securities Division, permanently barring him from applying for any securities registrations. That order was effective Aug. 19, 2010.

Topics Tennessee