Regulatory Alerts2022-06-30
Added · Updated
Summer 2022 Securities Bulletin
The Connecticut Banking Commissioner imposed administrative fines, cease and desist orders, and registration bars against multiple individuals and firms for securities violations. Ruben Anibal Macedo received a $100,000 fine and a permanent cease and desist order for orchestrating a penny stock fraud scheme, while Samuel Klein was subject to an Order to Cease and Desist and a notice of intent to fine for selling unregistered securities and misrepresenting investments. Consent orders resulted in an eighteen-month suspension and a $7,500 fine for Joseph Michael Fedorko, Jr., a seven-year bar for Michael M. Reilly, and a $50,000 aggregate fine for Sage Financial Design, Inc. and Robert Sheldon Thompson. Additional enforcement actions included a $5,500 settlement with Fortis Group Advisors, LLC, the revocation of Erin Lynn Verespy’s registrations with a ten-year bar, and a court order requiring Adam Westphalen to pay $1,390,000 in fines and restitution.