Regulatory Alerts2017-09-30
Added · Updated
Fall 2017 Securities Bulletin
The Connecticut Department of Banking fined Robert Lawrence Gray $200,000 and made a cease and desist order permanent for acting as an unregistered investment adviser and engaging in unethical practices that caused a $200,000 investor loss. The department entered consent orders against The Tirex Corporation and John L. Threshie, Jr., barring them from Connecticut securities business for ten years due to selling unregistered securities and making fraudulent guarantees. Cantone Research Inc. and Victor Polakoff were fined $20,000 jointly and severally, required to pay $185,000 in restitution, and restricted from certain securities transactions for 18 months for aiding Gray's unregistered activities and failing to maintain adequate supervisory procedures. Sovereign State Depository, Inc. and Walter B. Reddy, III agreed to pay a $500 fine and retain legal counsel for three years for selling unregistered promissory notes, while Benjamin F. Edwards & Company, Inc. paid a $500 fine for engaging unregistered investment adviser agents.