Regulatory Alerts2014-12-31
Added · Updated
Winter 2014 Securities Bulletin
The Connecticut Department of Banking entered administrative orders and consent resolutions against multiple broker-dealers and investment adviser agents for violations including the sale of unregistered securities, fraud, misappropriation of client funds, and failure to maintain adequate supervisory systems. Specific sanctions included a permanent cease and desist order and a $25,000 joint fine against Ulysses Partners, LLC and James E. Neilsen, a $3,500 fine against HFP Capital Markets LLC, and a $5,000 fine against Columbus Advisory Group, Ltd. Additionally, Michael James Byl was barred from transacting business in Connecticut until paying a FINRA arbitration award, and Herman Wayne Gibson was barred for ten years for selling unregistered notes. The bulletin also published quarterly statistical summaries of licensing, examinations, investigations, and enforcement remedies for the period.
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