Regulatory Alerts2007-09-30
Added · Updated
Fall 2007 Securities Bulletin
The Connecticut Department of Banking imposes fines and bars individuals for securities violations, including $220,000 penalties against Cauzae McCall and The McCall Business Group for selling unregistered promissory notes, and a $400,000 aggregate fine against Tower Square Securities, USAllianz Securities, and Advantage Capital for failing to supervise an agent who misappropriated client funds. The bulletin clarifies that Connecticut-registered broker-dealers are exempt from filing annual audited financial statements unless specific conditions such as net capital deficiencies or FINRA/SEC special reviews apply. Additionally, it details enforcement actions resulting in registration denials, revocations, and monetary assessments against entities like Moran Capital Management, ICG Financial, and Strand, Atkinson, Williams & York for unregistered activity and supervisory failures.
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