Securities

Top Keyword in securities used for url generation

Gallatin Capital LLC Stipulation and Consent Order

Order
Wednesday, June 5, 2019
Docket No. 19-022-S

This Stipulation and Consent Order (Order) is entered by and among Gallatin Capital LLC (Respondent), and the State of Vermont Department of Financial Regulation (Department). 

            WHEREAS, the Commissioner of the Department is responsible for administering and enforcing the Vermont Uniform Securities Act, Title 9, Chapter 150 of the Vermont Statutes, and the Vermont Securities Regulations, Rule S-2016-01, pursuant to which the Department has conducted a review of the Respondent; and

            The Department has concluded that Respondent violated the Vermont Uniform Securities Act and Vermont Securities Regulations by failing to have at least one (1) agent registered in Vermont; and

 The Department does not intend this Order to be a final order based upon violations of any Vermont statute, rule, or regulation that prohibits fraudulent, manipulative, or deceptive conduct, and the Commissioner does not intend to disqualify Respondent based solely on the failure at issue in this Order.

            Respondent consents to the entry of the Order by the Department; and

            Respondent hereby waives any right to a hearing and appeal under the Vermont Administrative Procedure Act, Title 3, Chapter 25 of the Vermont Statutes; the rules, regulations and orders of the Commissioner; and any right it may have to judicial review by any court with respect to this Order. 

               NOW THEREFORE, the parties stipulate, and the Commissioner makes findings and conclusions as follows:

FINDINGS OF FACT

1.         Respondent is a firm with a principal place of business at 444 Madison Avenue, 29th Floor, NY, NY.

 

 

 

2.         Respondent is a broker-dealer registered in Vermont that is subject to the registration and other requirements contained in Regulation S-2016-01. 

3.         On May 21, 2003, Respondent was granted registration in Vermont as a broker-dealer. 

4.       Currently, the Respondent does not have any broker-dealer agents registered in Vermont.

 

CONCLUSIONS OF LAW

5.         Respondent violated Regulation S-2016-01, § 3-1 (3), which requires broker-dealer firms to have at least one agent registered in Vermont at all times. 

6.         Respondent is subject to a civil penalty under 9 V.S.A. § 5604 for violating Regulation S-2016-01, § 3-1 (3).

ORDER

            On the basis of the Findings of Fact, Conclusions of Law and Respondent’s consent to the entry of this Order, the Commissioner ORDERS:

7.         Respondent shall within ten days of the entry of this order pay an administrative penalty in the amount of $2,000.00 to the Vermont Department of Financial Regulation.  

8.         Respondent shall file in Web CRD to register at least one agent in Vermont within seven days of this order’s execution.    

 

BY ORDER OF THE COMMISSIONER

Entered at Montpelier, Vermont, this ________ day of _____________, 2019

__________________________________

MICHAEL S. PIECIAK, Commissioner

Vermont Department of Financial Regulation

 

AGREED AND ACCEPTED BY:

Authorized agent for Respondent, Gallatin Capital LLC

Printed Name: _______________________________

Title:               _______________________________

Signature:      ___________________________________       Date: _______________________

IN RE: Escondido Village 388 DE Stipulation and Consent Order

Order
Friday, August 23, 2019
Docket No. 19-034-S

STATE OF VERMONT

DEPARTMENT OF FINANCIAL REGULATION

 

                                                                        )

            IN RE: Escondido Village 388 DE  )           Docket No.  19-034-S

                                                                        )

                                                                        )

                                                                        )          

 

STIPULATION AND CONSENT ORDER

 

            This Stipulation and Consent Order (Order) is entered by and among Escondido Village 388 DE (Respondent), and the State of Vermont Department of Financial Regulation (Department). 

 

            WHEREAS, the Commissioner of the Department is responsible for administering and enforcing the Vermont Uniform Securities Act, Title 9, Chapter 150 of the Vermont Statutes, and the Vermont Securities Regulations, Rule S-2016-01, pursuant to which the Department has conducted a review of the Respondent; and

 

            The Department has concluded that Respondent violated the Vermont Uniform Securities Act and Vermont Securities Regulations by failing to file timely a required Form D and notice filing fee via the Electronic Filing Database (EFD) maintained by the North American Securities Administrators’ Association; and

 

            The Department does not intend this Order to be a final order based upon violations of any Vermont statute, rule, or regulation that prohibits fraudulent, manipulative, or deceptive conduct, and this Order waives any disqualification of the Respondent by the Commissioner based solely on the untimeliness of the notice filing at issue in this Order. The waiver includes any disqualifications from securities registration provisions or securities registration exemptions or related safe-harbor provisions in Vermont law; and 

 

            Respondent consents to the entry of the Order by the Department; and

 

            Respondent hereby waives any right to a hearing and appeal under the Vermont Administrative Procedure Act, Title 3, Chapter 25 of the Vermont Statutes; the rules, regulations and orders of the Commissioner; and any right it may have to judicial review by any court with respect to this Order. 

 

            NOW THEREFORE, the parties stipulate, and the Commissioner makes findings and conclusions as follows:

 

 

 

FINDINGS OF FACT

 

1.         Respondent is a firm with a principal place of business at 9465 Wilshire Boulevard, Suite 300, Beverly Hills, California. 

 

2.         Respondent sells and/or has sold securities in Vermont that are subject to the notice filing requirements in 9 V.S.A. § 5302 and Rule S-2016-01, § 4-3.

 

3.         On February 5, 2019, Respondent made a first sale to a Vermont resident.

 

4.         On March 1, 2019, Respondent delivered to the Department via EFD a complete notice filing which included a Form D and filing fee of $600. This filing arrived 9 days late.

 

CONCLUSIONS OF LAW

 

5.         The securities offered and sold by Respondent were federal covered securities under 15 U.S.C. § 77r(b)(4)(F) and subject to the filing requirements of Rule S-2016-01, § 4-3(b).

 

6.         Respondent violated Rule S-2016-01, § 4-3(b) by selling federal covered securities in Vermont without notice filing a Form D and paying the required fee within 15 days of the first sale. 

 

7.         Respondent is subject to a civil penalty under 9 V.S.A. § 5604 for violating Rule S-2016-01, § 4-3(b). 

 

ORDER

 

            On the basis of the Findings of Fact, Conclusions of Law and Respondent’s consent to the entry of this Order, the Commissioner ORDERS:

 

8.         Respondent shall pay an administrative penalty in the amount of $300.00 to the Vermont Department of Financial Regulation.  

 

BY ORDER OF THE COMMISSIONER

 

Entered at Montpelier, Vermont, this ________ day of _____________, 2019

__________________________________

MICHAEL S. PIECIAK, Commissioner

Vermont Department of Financial Regulation

 

 

AGREED AND ACCEPTED BY:

Authorized agent for Respondent, Escondido Village 388 DE

Printed Name: _______________________________

Title:               _______________________________

Signature:       _______________________________            Date:____________________

Broad Street Capital Markets LLC - Ex Parte Order to Cease and Desist

Order
Tuesday, September 10, 2019
Docket No. 19-042-S

Based on the motion of the Securities Division of the Vermont Department of Financial Regulation (“the Department”), pursuant to 9 V.S.A. Sections 5604 and Section 13 of Department Regulation 82-1 (Revised)  for an order requiring Broad Street Capital Markets LLC (Broad Street) to cease and desist from engaging in the securities business in Vermont, the Commissioner makes the following findings of fact and rulings of law and enters the following order:

FINDINGS OF FACT      

Broad Street is a broker-dealer firm with a principal place of business in Newark, New Jersey, registered to do business as a broker-dealer firm in Vermont.
Broad Street does not have an agent registered in Vermont.
On or about May 20, 2019, the Department, through its Securities Division, contacted Broad Street in writing to advise Broad Street that it had been operating in violation of V.S.R. S-2016-01 § 3-1(4) by continuing to conduct business in Vermont without having an agent registered in Vermont.  The letter required Broad Street to register an agent in Vermont, pay a fine of $2000, and execute a Stipulation and Consent Order relative to its violations of Vermont law.
Broad Street did not respond to the Department’s May 20, 2019 letter. 
The Department sent a follow up letter on or about June 24, 2019.  Broad Street did not respond to the June 24, 2019 letter.
On July 30, 2019, the Department sent a final letter to Broad Street advising that Broad Street was required to register an agent in Vermont, pay the required fine and execute and return the Stipulation and Consent Order on or before August 15, 2019, failing which the Department would seek an Order requiring Broad Street to cease and desist from conducting securities business in Vermont.
Broad Street did not respond to the July 30, 2019 letter.

RULINGS OF LAW

Pursuant to 9 V.S.A § 5402, it is unlawful for an agent to do business in Vermont without first being registered to do so. Pursuant to V.S.R S-2016-01(Rev.) § 3-1(4), it is unlawful for a broker-dealer firm to do business in Vermont without having at least one agent registered in Vermont.
Broad Street violated V.S.R. S-2016-01 (Rev.) § 3-1 (4) by failing to register at least one agent in Vermont, restricting the Department’s ability to supervise Broad Street and creating a risk of harm to Vermont investors.

COMMISSIONER’S AUTHORITY

Pursuant to 9 V.S.A. § 5604(a)(1), the Commissioner may issue orders or directives to any person to cease and desist from specific conduct if the Commissioner finds that the person has engaged, is engaging, or is about to engage in an act, practice or course of business which constitutes a violation of 9 V.S.A. Chapter 150, the Vermont Securities Act.
 Pursuant to 9 V.S.A. § 5604(b) and Section 13 of Department Regulation 82-1 (Revised), the Commissioner may issue such orders without prior notice or an opportunity to be heard.
In light of the known violations of V.S.R. S-2016-01(Rev) § 3-1(4) and Broad Street’s failure to respond to the Department’s communications, an ex parte order is appropriate in this case.

 

ORDER

Given the aforementioned findings of fact and rulings of law, it is hereby ORDERED:

Broad Street must CEASE and DESIST from continuing to conduct securities business in Vermont.    
Broad Street shall not withhold, destroy, mutilate or by any means falsify any documentary material in its possession that is relevant to its activities as a broker-dealer.

Dated at Montpelier, Vermont this ______ day of September 2019   

                                                                                             Vermont Department of Financial Regulation

                                                                                             By:_________________________________

                                                                                              Michael S. Pieciak, Commissioner

375 North Avenue Stipulation and Consent Order (3)

Order
Thursday, August 1, 2019
Docket No. 19-026-S

STATE OF VERMONT
DEPARTMENT OF FINANCIAL REGULATION

                                                                        )

            IN RE:   375 North Avenue LLC     )           Docket No. 19-026-S

                                                                        )

                                                                        )

                                                                        )          

STIPULATION AND CONSENT ORDER

            This Stipulation and Consent Order (Order) is entered by and among 375 North Avenue LLC (Respondent), and the State of Vermont Department of Financial Regulation (Department). 

 

            WHEREAS, the Commissioner of the Department is responsible for administering and enforcing the Vermont Uniform Securities Act, Title 9, Chapter 150 of the Vermont Statutes, and the Vermont Securities Regulations, Rule S-2016-01, pursuant to which the Department has conducted a review of the Respondent; and

 

            The Department has concluded that Respondent violated the Vermont Uniform Securities Act and Vermont Securities Regulations by failing to file timely a required Form D and notice filing fee via the Electronic Filing Database (EFD) maintained by the North American Securities Administrators’ Association; and

 

            The Department does not intend this Order to be a final order based upon violations of any Vermont statute, rule, or regulation that prohibits fraudulent, manipulative, or deceptive conduct, and this Order waives any disqualification of the Respondent by the Commissioner based solely on the untimeliness of the notice filing at issue in this Order. The waiver includes any disqualifications from securities registration provisions or securities registration exemptions or related safe-harbor provisions in Vermont law; and 

 

            Respondent consents to the entry of the Order by the Department; and

 

            Respondent hereby waives any right to a hearing and appeal under the Vermont Administrative Procedure Act, Title 3, Chapter 25 of the Vermont Statutes; the rules, regulations and orders of the Commissioner; and any right it may have to judicial review by any court with respect to this Order. 

 

            NOW THEREFORE, the parties stipulate, and the Commissioner makes findings and conclusions as follows:

 

 

 

FINDINGS OF FACT

 

1.         Respondent is a firm with a principal place of business at 875 Roosevelt Highway, Suite 120, Colchester, Vermont. 

 

2.         Respondent sells and/or has sold securities in Vermont that are subject to the notice filing requirements in 9 V.S.A. § 5302 and Rule S-2016-01, § 4-3.

 

3.         On October 3, 2018, Respondent made a first sale to a Vermont resident.

 

4.         On March 19, 2019, Respondent delivered to the Department via EFD, under EFD ID No. 297999, a complete notice filing which included a Form D and filing fee of $600.00. This filing arrived 167 days late.

 

CONCLUSIONS OF LAW

 

5.         The securities offered and sold by Respondent were federal covered securities under 15 U.S.C. § 77r(b)(4)(F) and subject to the filing requirements of Rule S-2016-01, § 4-3(b).

 

6.         Respondent violated Rule S-2016-01, § 4-3(b) by selling federal covered securities in Vermont without notice filing a Form D and paying the required fee within 15 days of the first sale. 

 

7.         Respondent is subject to a civil penalty under 9 V.S.A. § 5604 for violating Rule S-2016-01, § 4-3(b). 

 

ORDER

 

            On the basis of the Findings of Fact, Conclusions of Law and Respondent’s consent to the entry of this Order, the Commissioner ORDERS:

 

8.         Respondent shall pay an administrative penalty in the amount of $500.00 to the Vermont Department of Financial Regulation.  

 

BY ORDER OF THE COMMISSIONER

 

Entered at Montpelier, Vermont, this ________ day of _____________, 2019

 

 

__________________________________

MICHAEL S. PIECIAK, Commissioner

Vermont Department of Financial Regulation

AGREED AND ACCEPTED BY:

Authorized agent for Respondent, 375 North Avenue LLC:

Printed Name: _______________________________

Title:               _______________________________

Signature:       _______________________________            Date:____________________

375 North Avenue Stipulation and Consent Order (2)

Order
Thursday, August 1, 2019
Docket No. 19-025-S

STATE OF VERMONT
DEPARTMENT OF FINANCIAL REGULATION

                                                                        )

            IN RE:   375 North Avenue LLC     )           Docket No. 19-025-S

                                                                        )

                                                                        )

                                                                        )          

STIPULATION AND CONSENT ORDER

            This Stipulation and Consent Order (Order) is entered by and among 375 North Avenue LLC (Respondent), and the State of Vermont Department of Financial Regulation (Department). 

 

            WHEREAS, the Commissioner of the Department is responsible for administering and enforcing the Vermont Uniform Securities Act, Title 9, Chapter 150 of the Vermont Statutes, and the Vermont Securities Regulations, Rule S-2016-01, pursuant to which the Department has conducted a review of the Respondent; and

 

            The Department has concluded that Respondent violated the Vermont Uniform Securities Act and Vermont Securities Regulations by failing to file timely a required Form D and notice filing fee via the Electronic Filing Database (EFD) maintained by the North American Securities Administrators’ Association; and

 

            The Department does not intend this Order to be a final order based upon violations of any Vermont statute, rule, or regulation that prohibits fraudulent, manipulative, or deceptive conduct, and this Order waives any disqualification of the Respondent by the Commissioner based solely on the untimeliness of the notice filing at issue in this Order. The waiver includes any disqualifications from securities registration provisions or securities registration exemptions or related safe-harbor provisions in Vermont law; and 

 

            Respondent consents to the entry of the Order by the Department; and

 

            Respondent hereby waives any right to a hearing and appeal under the Vermont Administrative Procedure Act, Title 3, Chapter 25 of the Vermont Statutes; the rules, regulations and orders of the Commissioner; and any right it may have to judicial review by any court with respect to this Order. 

 

            NOW THEREFORE, the parties stipulate, and the Commissioner makes findings and conclusions as follows:

 

 

 

FINDINGS OF FACT

 

1.         Respondent is a firm with a principal place of business at 875 Roosevelt Highway, Suite 120, Colchester, Vermont. 

 

2.         Respondent sells and/or has sold securities in Vermont that are subject to the notice filing requirements in 9 V.S.A. § 5302 and Rule S-2016-01, § 4-3.

 

3.         On May 5, 2016, Respondent made a first sale to a Vermont resident.

 

4.         On March 19, 2019, Respondent delivered to the Department via EFD, under EFD ID 303990, a complete notice filing which included a Form D and filing fee of $600.00. This filing arrived 1,048 days late.

 

CONCLUSIONS OF LAW

 

5.         The securities offered and sold by Respondent were federal covered securities under 15 U.S.C. § 77r(b)(4)(F) and subject to the filing requirements of Rule S-2016-01, § 4-3(b).

 

6.         Respondent violated Rule S-2016-01, § 4-3(b) by selling federal covered securities in Vermont without notice filing a Form D and paying the required fee within 15 days of the first sale. 

 

7.         Respondent is subject to a civil penalty under 9 V.S.A. § 5604 for violating Rule S-2016-01, § 4-3(b). 

 

ORDER

 

            On the basis of the Findings of Fact, Conclusions of Law and Respondent’s consent to the entry of this Order, the Commissioner ORDERS:

 

8.         Respondent shall pay an administrative penalty in the amount of $1,500.00 to the Vermont Department of Financial Regulation.  

 

BY ORDER OF THE COMMISSIONER

Entered at Montpelier, Vermont, this ________ day of _____________, 2019

__________________________________

MICHAEL S. PIECIAK, Commissioner

Vermont Department of Financial Regulation

AGREED AND ACCEPTED BY:

Authorized agent for Respondent, 375 North Avenue LLC:

Printed Name: _______________________________

Title:               _______________________________

Signature:       _______________________________            Date:____________________

375 North Avenue Stipulation and Consent Order

Order
Thursday, August 1, 2019
Docket No. 19-024-S

STATE OF VERMONT
DEPARTMENT OF FINANCIAL REGULATION

                                                                        )

            IN RE:   375 North Avenue LLC     )           Docket No. 19-024-S

                                                                        )

                                                                        )

                                                                        )          

STIPULATION AND CONSENT ORDER

            This Stipulation and Consent Order (Order) is entered by and among 375 North Avenue LLC (Respondent), and the State of Vermont Department of Financial Regulation (Department). 

 

            WHEREAS, the Commissioner of the Department is responsible for administering and enforcing the Vermont Uniform Securities Act, Title 9, Chapter 150 of the Vermont Statutes, and the Vermont Securities Regulations, Rule S-2016-01, pursuant to which the Department has conducted a review of the Respondent; and

 

            The Department has concluded that Respondent violated the Vermont Uniform Securities Act and Vermont Securities Regulations by failing to file timely a required Form D and notice filing fee via the Electronic Filing Database (EFD) maintained by the North American Securities Administrators’ Association; and

 

            The Department does not intend this Order to be a final order based upon violations of any Vermont statute, rule, or regulation that prohibits fraudulent, manipulative, or deceptive conduct, and this Order waives any disqualification of the Respondent by the Commissioner based solely on the untimeliness of the notice filing at issue in this Order. The waiver includes any disqualifications from securities registration provisions or securities registration exemptions or related safe-harbor provisions in Vermont law; and 

 

            Respondent consents to the entry of the Order by the Department; and

 

            Respondent hereby waives any right to a hearing and appeal under the Vermont Administrative Procedure Act, Title 3, Chapter 25 of the Vermont Statutes; the rules, regulations and orders of the Commissioner; and any right it may have to judicial review by any court with respect to this Order. 

 

            NOW THEREFORE, the parties stipulate, and the Commissioner makes findings and conclusions as follows:

 

 

 

FINDINGS OF FACT

 

1.         Respondent is a firm with a principal place of business at 875 Roosevelt Highway, Suite 120, Colchester, Vermont. 

 

2.         Respondent sells and/or has sold securities in Vermont that are subject to the notice filing requirements in 9 V.S.A. § 5302 and Rule S-2016-01, § 4-3.

 

3.         On December 27, 2018, Respondent made a first sale to a Vermont resident.

 

4.         On March 19, 2019, Respondent delivered to the Department via EFD, under EFD ID 303972, a complete notice filing which included a Form D and filing fee of $600. This filing arrived 67 days late.

 

CONCLUSIONS OF LAW

 

5.         The securities offered and sold by Respondent were federal covered securities under 15 U.S.C. § 77r(b)(4)(F) and subject to the filing requirements of Rule S-2016-01, § 4-3(b).

 

6.         Respondent violated Rule S-2016-01, § 4-3(b) by selling federal covered securities in Vermont without notice filing a Form D and paying the required fee within 15 days of the first sale. 

 

7.         Respondent is subject to a civil penalty under 9 V.S.A. § 5604 for violating Rule S-2016-01, § 4-3(b). 

 

ORDER

 

            On the basis of the Findings of Fact, Conclusions of Law and Respondent’s consent to the entry of this Order, the Commissioner ORDERS:

 

8.         Respondent shall pay an administrative penalty in the amount of $500.00 to the Vermont Department of Financial Regulation.  

 

BY ORDER OF THE COMMISSIONER

Entered at Montpelier, Vermont, this ________ day of _____________, 2019

__________________________________

MICHAEL S. PIECIAK, Commissioner

Vermont Department of Financial Regulation

 

AGREED AND ACCEPTED BY:

Authorized agent for Respondent, 375 North Avenue LLC:

Printed Name: _______________________________

Title:               _______________________________

Signature:       _______________________________            Date:____________________

Pages

Subscribe to RSS - Securities

Contact Information

Department of Financial Regulation
Consumer Services 
89 Main Street, Montpelier, VT 05620 - 3101

802-828-3301
833-DFR-HOTLINE (toll free)
833-337-4685 (toll free)

Public Information
For public records, media inquiries, and press releases visit our Public Information web page

Twitter icon
Facebook icon
LinkedIn icon

Employee Information