Regulatory Alerts2020-03-31
Added · Updated
Spring 2020 Securities Bulletin
The Connecticut Department of Banking imposed $100,000 fines on Native American Energy Group, Inc. and CFO Raj S. Nanvaan for selling unregistered securities and fraud, and levied a $500,000 aggregate fine on North American Drilling Corporation and Larry Michael Koonce for similar violations. The agency issued cease and desist orders, restitution requirements, and notices of intent to deny or revoke registrations against NYPPEX, LLC, James Thomas Booth, Herbert H. Hafen, and ARO Equity, LLC for fraud, misappropriation, and unregistered activities. A consent order required Solium Financial Services LLC to pay $51,136 to resolve unregistered broker-dealer activity, while an administrative extension delayed a final decision for Mosaic Financial Strategies LLC. The bulletin also reports Q1 2020 licensing statistics, noting 2,053 registered broker-dealers and $751,136 in total monetary sanctions.