Norman oilman Robert Arrrowood has been banned from securities sales in the state after the Oklahoma Department of Securities charged him with running a Ponzi scheme. It was a scheme that allegedly netted Arrowood nearly $4 million, money cheated out of investors in his 2001 Trinity Fund.
Arrowood operated Trinity Resources Inc. and after being charged, signed an agreement with the Securities Department that permanently bans him seeking new investors in the state.
Irvin Faught, administrator of the Securities Department says Arrowood is also barred from serving as an officer, director or controlling position that might offer or sell securities in Oklahoma.
Arrowood was accused of using most of the investor’s money on vacations to the Bahamas and Las Vegas and buying tens of thousands of dollars on tickets to the Oklahoma City Thunder games. When a bankruptcy was filed in 2009 by the 2001 Trinity Fund, it listed more than $21 million in debts and assets of just under $11 million.
