Regulatory Alerts2011-10-28
Added · Updated
Bulletin 2488 - October 28, 2011
The Banking Commissioner issued an Order to Cease and Desist, Order to Make Restitution, Notice of Intent to Fine, and Notice of Right to Hearing against Movies for a Better World, LLC and its president, Michael J. Martineau, on October 28, 2011. The action alleged that the respondents offered and sold unregistered securities in violation of Section 36b-16 of the Connecticut Uniform Securities Act, and that Martineau acted as an unregistered agent. Additionally, the respondents allegedly violated antifraud provisions by failing to disclose material information to investors, including risk factors, financial details, principal compensation, and how offering proceeds would be applied. The respondents were granted an opportunity to request a hearing on these matters.