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| Sun, Nov. 23, 2008 |  |
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Covenant Senior Advisors issued cease and desist order Wednesday, Jul 2, 2008 Arkansas News Bureau LITTLE ROCK - The state securities commissioner Tuesday ordered a Maumelle insurance agent to stop advising clients on investments. Commissioner A. Heath Abshure issued a cease and desist order to Timothy Alonza Lilly, doing business as Covenant Senior Advisors LLC, for acting as an unregistered investment adviser. Abshure also found that Lilly was improperly using various professional designations to imply that Lilly possessed specialized qualifications. Lilly acted as an investment adviser without being registered as such with the Arkansas Securities Department, and advised a number of customers to liquidate existing securities holdings to invest in equity-indexed annuities, Abshure said. "Recommendations to sell securities comprise advice concerning securities every bit as much as recommendations to buy securities," said assistant commissioner Theodore Holder. Abshure also issued a cease and desist order against Lilly and others on May 23 relating to Lilly's sale of certificates of deposit. |
