Regulatory Alerts2011-06-03
Added · Updated
Bulletin 2467 - June 3, 2011
The Connecticut Department of Banking issued an Amended and Restated Order to Cease and Desist and Notice of Intent to Revoke registrations against Wadsworth Investment Co., Inc., Portfolio Timing Service, William F. Wadsworth, and William F. Wadsworth, Jr. The action alleges fraudulent practices, including the use of pre-signed blank forms, false identities to obtain client information, and misrepresentations to investors regarding mutual fund switches and fees. The respondents are also charged with violating multiple sections of the Connecticut Uniform Securities Act for failing to maintain accurate books and records, lacking adequate supervisory procedures, and selling unregistered securities. Written comments regarding these allegations must be submitted within ten days of the bulletin's date.