Regulatory Alerts2011-06-30
Added · Updated
Summer 2011 Securities Bulletin
The Connecticut Department of Banking issued administrative orders and consent resolutions addressing securities violations by various individuals and firms. Julius Blackwelder was ordered to cease and desist and make restitution for fraudulent note sales, while Gregory James Buchholz had his agent registration revoked due to a felony wire fraud conviction. Phil Eckstein’s agent registration was denied based on prior insurance department sanctions, and Wadsworth Investment Co. faced amended cease and desist orders and notices of intent to revoke registrations for fraudulent practices and record-keeping failures. Newbridge Securities Corporation and Meyers Associates, L.P. were ordered to reimburse customers for undisclosed handling fees, with Meyers fined $12,500 and required to retain an independent consultant. Spear Capital Management was fined $5,000 for unsuitable ETF recommendations, while ACAE, L.L.C. and its principals were barred from transacting securities business in Connecticut for three years. Charles Morgan Securities was fined $15,000 for failing to comply with a prior consent order, and Shelly A. Richard was fined $100,000 for selling unregistered securities. Mortgage and Credit Solutions, LLC and its owner were barred from selling business opportunities in Connecticut for seven years.
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