Securities officials of the North Carolina Secretary of State’s office have revoked State Senator Thom Goolsby’s privileges to work as an investment adviser.
In a press release issued Thursday morning, officials announced that Goolsby and his partner James Upham are now barred from “engaging in any practice involving securities or financial services business in North Carolina.”
Goolsby and Upham are also barred from re-applying for registration as investment advisers for the next 10 years.
Those restrictions are part of a consent order against Empowered Investor Incorporated, a company they own.
The Secretary of State’s office alleges that the company failed to invest clients’ money as advertised, which resulted in greater losses.
Goolsby, a Republican state senator from New Hanover County, announced in January that he would not seek re-election to the State Senate.
In the Senate, he’s best-known for sponsoring a successful repeal of the state’s Racial Justice Act for defendants facing the death penalty; and for referring to Moral Mondays as “Moron Mondays” in an editorial for the Chatham Journal.