Talk Business has learned that Apple Tree Investments, led by embattled investment advisor Steve Kiefer, has shut down.
The firm was fined and sanctioned in December 2009 for fraudulent mutual fund sales practices. In that action, Kiefer and associate Mitch Tapson were fined $50,000 and had their licenses suspended for 14 days. Other supervisory provisions were put in place in conjunction with that order.
Kiefer has hosted The Steve Kiefer Show on KARN Newsradio 102.9 FM and AETN’s “You, Me and Wall Street.”
Apple Tree Investments was a broker/dealer business. An investment advisory business registered by Kiefer - Apple Tree Asset Management, Inc. – has also closed, according to state regulators.
Arkansas Securities Department attorney David Smith tells Talk Business that Kiefer terminated his registrations with the state for Apple Tree Investments earlier this year and Apple Tree Asset Management last week.
Attempts to reach Kiefer were unsuccessful.
