- Associated Press - Tuesday, March 15, 2016

NORMAN, Okla. (AP) - A Norman man is banned from selling securities in Oklahoma after being accused of operating a Ponzi scheme in which he spent his investors’ money on a Harley-Davidson motorcycle and lavish vacations.

Court documents say that Oilman Robert Arrowood has signed a deal with securities regulators that permanently bans him from seeking new investors in the state. Oklahoma Department of Securities administrator Irving Faught says that Arrowood is also barred from serving in any controlling position that might offer or sell securities.

The Oklahoman (https://bit.ly/1LolpxW ) reports that the Oklahoma Department of Securities dropped its claims of fraud against Arrowood and closed its civil enforcement action against the businessman.

Arrowood’s attorney, Billy Bock, declined to comment on the matter.

Arrowood operated the Norman oil and gas lease firm Trinity Resources Inc.

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Information from: The Oklahoman, https://www.newsok.com


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