Regulatory Alerts2010-09-30
Added · Updated
Fall 2010 Securities Bulletin
The Connecticut Department of Banking adopts the revised Part 2 of Form ADV, requiring state-registered investment advisers to file a narrative brochure in plain English effective October 12, 2010, with full compliance mandated by June 1, 2011. The bulletin details enforcement actions including the revocation of Itradedirect.com Corp.'s broker-dealer registration and a $45,000 fine, as well as fines of $75,000 against Joel Torres, $45,000 against Donald C. Lyle, and $25,000 each against Rogers Forman, III and Forman Financial Services, LLC for selling unregistered securities and fraud. Additional proceedings involve cease and desist orders and notices of intent to fine against Salomon Whitney LLC, Daniel Morris Porter, J. Lawson & Associates, Inc., and Wadsworth Investment Co., Inc. for antifraud violations and unethical practices, while Advisors Capital Investments, Inc. and Robert Keith Mann consented to a $3,500 fine for Form ADV disclosure deficiencies.
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