Regulatory Alerts2019-12-20
Added · Updated
Bulletin 2913 - December 20, 2019
The Connecticut Department of Banking entered a Consent Order against Horter Investment Management, LLC, fining the firm $12,500 for violating the Connecticut Uniform Securities Act by engaging an unregistered agent and paying solicitation fees. Additionally, the Department issued an Order to Cease and Desist and Notice of Intent to Fine against Great Heritage Investments, LLC and its Chief Compliance Officer for failing to maintain signed advisory agreements, disseminating misleading advertising, and neglecting record-keeping obligations. The enforcement action against Great Heritage Investments includes proposed restrictions on exercising custody over client funds, mandatory filing of proposed advertisements, limitation of client advice to specific securities, and the retention of a regulatory consultant for compliance reviews.