Regulatory Alerts2002-09-30
Added · Updated
Fall 2002 Securities Bulletin
The Connecticut Banking Commissioner exempts registered broker-dealers and investment advisers from the requirement to maintain an on-site manager at each Connecticut branch office, provided they implement adequate supervisory controls comparable to on-site oversight. The bulletin also details enforcement actions, including permanent cease and desist orders against Stephen P. Funk, Wellesley Services, LLC, Georges Trading Corp., Gerald Georges, and Etienne Decembre for unregistered and fraudulent promissory note sales. Additionally, broker-dealer Ameritrust Securities, Inc. and agent Seong Y. Lee had their registrations cancelled for ceasing business, while Thomas W. Qualls, Derek M. Lofton, and William M. Cutrone were each fined $20,000 for unregistered FOREX investment sales, and International Market Consultants, LLC was fined $40,000 for fraudulent conduct.
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