Regulatory Alerts2020-09-30
Added · Updated
Fall 2020 Securities Bulletin
The Connecticut Banking Commissioner imposed fines and entered consent orders against multiple entities and individuals for securities violations, including Solace Investments, LLC and Rafael Alves Muzzi, who were fined $300,000 each for fraud and selling unregistered securities. Herbert H. Hafen was fined $100,000 for dishonest practices involving client funds, while Mosaic Financial Strategies LLC and Adam Westphalen were fined $900,000 jointly and severally and had their registrations denied for unregistered activities and false statements. Additional consent orders required J.R. Bautista, Jr. to pay a $10,000 fine, Wilmington Capital Securities, LLC to remit $11,275, and Schupp & Grochmal, LLC to pay $10,510 for various regulatory breaches, alongside fines for Lawrence Insurance, John J. Lynch, Boomerang Capital, LLC, and Monitor Capital, LLC.