Commissioner of Securities and Insurance, Monica J. Lindeen, today announced a settlement with Goldman, Sachs Inc. Under the agreement, Goldman Sachs has agreed to immediately repurchase from Montana investors the $25,650,000 in auction rate securities it sold before the market for the securities froze in February 2008. Goldman Sachs will also pay a $75,000 fine that will be deposited to the state’s general fund.
Commissioner of Securities and Insurance, Monica J. Lindeen, recently announced her Final Agency Decision and Order against Global Sports Marketing Corporation (Global), Craig Steen, and Wayne Derrick Butler.
Commissioner of Securities and Insurance, Monica J. Lindeen, finalized a settlement with UBS Securities LLC and UBS Financial Services. UBS has agreed to buy back over $73 million of failed auction-rate securities and pay a $300,000 fine to the Montana general fund as part of a national investigation alleging brokerage firms stuck clients with hard-to-sell bonds.
Montana Commissioner of Securities and Insurance, Monica J. Lindeen, today announced the issuance of a Cease and Desist Order and Notice of Proposed Agency Action against Fortune Hi-Tech Marketing, Inc. for allegedly operating a “pyramid scheme.”
Commissioner of Securities and Insurance Monica Lindeen announced today that the Montana Supreme Court upheld the Commissioner’s Office order fining former Banker’s Life insurance agent, Martin O. Bower, $80,000 for violating the Montana Securities Act by victimizing two elderly women in northwestern Montana. In addition to the fine, the order also bans Bower from becoming licensed to sell insurance for five years, and bans him from seeking any securities registration or licensure.
nder Commissioner Monica Lindeen’s direction, the Montana Commissioner of Securities and Insurance (CSI) Office achieved considerable success in 2009.
Montana Commissioner of Securities Monica Lindeen finalized a settlement with Morgan Stanley & Co., Inc. regarding allegations the company misled investors. In the agreement, Morgan Stanley has agreed to provide liquidity to Montana investors who invested in auction-rate securities before the market for the securities was frozen in February 2008. The settlement includes rescission to Montana victims totaling more than $43 million and a $120,000 fine to be deposited to the state’s general fund.
Montana Commissioner of Securities and Insurance Monica J. Lindeen announced today that she has been appointed to the North American Securities Administrators Association’s (NASAA) Federal Legislation Committee, a key committee as Congress continues the work of reforming the nation’s financial regulatory system.
LPL Financial Corporation (LPL) will pay nearly $1.3 million in restitution to Montana investors and a fine of $150,000 to the State of Montana under a settlement announced today by Monica Lindeen, Montana Commissioner of Securities and Insurance. The restitution and fine are the resoultion of claims involving the alleged illegal activity of a former LPL registered representative, Donald Chouinard, who allegedly operated a Ponzi scheme in the Kalispell area, and the alleged failure by LPL to supervise Chouinard.
The Commissioner of Securities and Insurance of the Montana State Auditor’s Office today announced it will waive the initial set-up and annual system fees paid by investment adviser firms (IAs) and investment representatives (IARs) to maintain the Investment Adviser Registration Depository (IARD) system.