Regulatory Alerts2019-03-31
Added · Updated
Spring 2019 Securities Bulletin
The Connecticut Department of Banking imposed cease and desist orders, restitution requirements, and fines against North American Drilling Corporation, Larry Michael Koonce, Adam Westphalen, and Mosaic Financial Strategies LLC for antifraud violations, unregistered securities sales, and failure to amend registration filings. Consent orders permanently barred Vaughn Lee Andrews-McKay from securities business and required Voya Financial Advisors, Inc. to pay a $100,000 fine and establish a $915,000 restitution fund for supervisory failures. Additional consent orders directed Vir-Sec, Inc. and Christopher Murphy to cease violations with stayed restitution, fined Quarve Associates, LLC $7,500 for late financial reporting, and fined First Allied Securities, Inc. $30,000 for inadequate supervision. Stipulations and agreements resolved matters with Soma Equity Partners, LP, Silver Pine Capital, LLC, and Aquila Municipal Trust through administrative penalties and filing fee reimbursements totaling $6,090.