Regulatory Alerts2011-03-31
Added · Updated
Spring 2011 Securities Bulletin
The Connecticut Department of Banking imposed fines and enforcement actions against multiple entities for selling unregistered securities, employing unregistered agents, and violating antifraud provisions. Specific penalties include a $100,000 fine against Cynergy Advance Services, LLC, a $250,000 fine and broker-dealer registration revocation for Westrock Advisors, Inc., and a $300,000 fine against Charles Schwab & Co., Inc. requiring up to $2.5 million in investor compensation. Additional orders barred S&E Investment Group and Grosvenor Partners from Connecticut securities activity for ten years, required Salomon Whitney LLC to reimburse customers for fee differentials, and mandated rescission offers from Banco Espírito Santo S.A. for unregistered security sales to Connecticut residents.
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