SECURITIES

Glendale Firm Faces SEC Suit: According to the Securities and Exchange Commission complaint filed in federal court in Washington, Qualified Pensions Inc. and its president, Jerry G. Allison, misappropriated at least $4.5 million of clients’ retirement savings. The complaint also accuses the firm and Allen of failing to register as brokers. The suit contends that more than 14,500 individuals were induced to transfer at least $270 million of their retirement savings to accounts at Qualified Pension, and that some of that was used to purchase speculative, unregistered telecommunications securities. The defendants are also accused of commingling client money in a Qualified Pension money market account, then using the funds for Allison’s personal benefit. The SEC has asked the court to freeze the defendants’ assets, prohibit them from accepting additional investor funds and to appoint a receiver for Qualified Pension.