BATON ROUGE, La. (BRPROUD) — An East Baton Rouge candidate for the 66th district state representative seat was named in a federal lawsuit with the United States Securities and Exchange Commission.
According to a lawsuit filed in 2022, Hollis Day Jr. is accused of using his radio show, Sage Money Radio, to solicit investors in the oil and gas business. Day reportedly sold about $8.7 million of securities in unregistered oil and gas offerings to at least 45 investors. Day held seminars for investors so they could promote the Oil and Gas securities. Day did not have a securities license or any association with the commission in any way, the lawsuit states.
From 2016 to 2020, Day sold the Oil and Gas Securities to investors and received a commission of $869,796. Many of those who bought securities from Day lost much, if not all, of their investments.
The lawsuit says Day broke federal laws by selling securities that weren’t registered with the Commission and acted as a broker in the sale despite the fact he was not registered with the Commission.
The Commission is asking that Day be prohibited from buying or selling any security, give up any money that was gained from the sales, and Day pay a civil penalty.
BRProud reached out to Day and has not yet received a response.
Read the full lawsuit here.