The D.C. Public Service Commission has revoked the license of a securities dealer and former convicted felon on public-interest grounds. The commission said this week that Owen N. Cummins could reapply for a license after Dec. 11, 1987.
The D.C. securities license had been granted by mistake by the commission when an employe misread a date on Cummins' application. A license is granted automatically 30 days after filing if it is not rejected by the commission. Cummins agreed not to make securities sales until the case was resolved.
Cummins was convicted in 1981 of running a check-kiting scheme with Edward B. Ballows through their now-defunct Washington real estate firm, Boss & Phelps. The two, who pleaded guilty, obtained more than $900,000 from National Bank of Washington and First American Bank by writing worthless checks.
Under the D.C. Securities Act of 1964, the PSC may revoke or deny a license if an agent has committed a felony within the last 10 years and the commission determines such action is in the public interest.
"The securities business relies, to a great extent, on the integrity, and the public perception that those in the industry have the highest ethical standards," the commission said in its order.
Cummins had no comment on the decision.
Cummins, his lawyer and two associates had argued before the PSC that Cummins deserved a license. Last month, Cummins said, "It would be a nice step forward in my efforts to get back into society and make a decent living." Cummins has made restitution, had his civil rights restored by Virginia Gov. Charles S. Robb and also is licensed to sell insurance in the District, Maryland and Virginia.