SEC Bars State-Registered Adviser
The SEC barred an individual from the securities industry because of sanctions imposed by a state securities regulator. The respondent operated an investment adviser registered with New Hampshire, whose Bureau of Securities Regulation imposed a bar and fines for suitability and disclosure practices in violation of New Hampshire securities laws. As a consequence, the SEC barred the respondent from associating with any investment adviser or broker-dealer.
OUR TAKE: This may seem like piling on by the SEC, but the regulators increasingly work together to stop wrongdoers from regulatory forum shopping.