Texas Securities Commissioner John Morgan entered a Disciplinary Order on Dec. 6 that fined and reprimanded Michael Delao, an agent in Georgetown, for not disclosing two felony charges filed against him in 2014. Delao was indicted in Williamson County, but the charges were later dismissed.
Delao paid a $7,500 fine on Dec. 6. The order also granted the registration of Delao as an agent of St. Bernard Financial Services Inc.
Delao was employed by Century Securities Associates Inc. when he was charged and indicted. Delao did not disclose the charges to Century, whose policies required disclosure of arrests, indictments, or convictions on any felony charge. Nor did Delao report the indictments to the Securities Commissioner within 30 days, as required by State Securities Board Rules.
Delao resigned from Century after the firm learned of the charges. He applied for registration with St. Bernard on Oct. 31.