DFR Issues Cease and Desist Order Against Individual Posing as Financial Professional
Montpelier, VT – (October 14, 2020) —Commissioner Michael Pieciak announced today that the Department of Financial Regulation issued an order requiring a Brattleboro-area individual to immediately cease and desist holding himself out as an investment professional.
A call to the department’s consumer hotline complained that William J. Therieau was holding himself out as an investment advisor and had encouraged a consumer to invest money with his purported company – Therieau Financial Services.
The department’s investigation determined that Mr. Therieau had misled the consumer through a consulting agreement that contained false and misleading statements. Further, neither Mr. Therieau nor his purported company were registered in Vermont or any other jurisdiction to provide investment advice or services. Last, the department found no evidence that Mr. Therieau had invested the consumer’s funds as directed.
Commissioner Pieciak concluded that immediate action was required to protect the financial welfare of Vermont residents. “Our department’s top priority is protecting Vermont consumers and we will take swift action to do so when it is warranted,” said Commissioner Pieciak. “The most important thing a consumer can do to protect themselves is to check whether a financial professional is properly registered prior to working with them, which you can do by visiting the department’s website or calling our consumer hotline.”
The Department requests that anyone who has spoken with, or entered into an agreement with, Mr. Therieau or Therieau Financial Services for investment advice or services – or who has been solicited to do so – contact the Securities Division via the department hotline at 833-DFR-HOTLINE or by e-mail at firstname.lastname@example.org.
To check if an individual is registered to provide investment services in Vermont, visit Verify a Securities Professional.
Connect with the Vermont Department of Financial Regulation on Twitter, Facebook, and on our website.