Regulatory Alerts2018-12-31
Added · Updated
Connecticut Securities Bulletin Winter 2018
The Connecticut Department of Banking issued amended enforcement orders against Voya Financial Advisors, Inc. for supervisory failures regarding agents involved in improper selling away and outside business activities, including allegations of fund misappropriation. LPL Financial LLC agreed to a $499,000 penalty and a rescission offer for investors affected by the sale of unregistered securities due to inadequate supervisory systems. S P Consulting, LLC and Steven A. Posa were fined $7,500 and ordered to cease unregistered investment advisory activities, while Romano Brothers and Company paid $5,040 for prior unregistered broker-dealer transactions. Renaissance Institutional Management LLC paid a $3,500 fine and extended a $100 million rescission offer for unregistered private fund sales.