WA DFI Securities Enforcement

Prestige Investment Management LLC – Consent Order S-23-3692-25-CO01

WA DFI Securities Division issued a Consent Order against Prestige Investment Management LLC on March 18, 2026, imposing a $10,000 fine, $2,500 in investigative costs, and a cease and desist order. The firm was found to have offered and sold an unregistered investment to a Washington resident in 2014 via a Deferred Sales Trust transaction. The firm is not registered to sell securities in Washington State.

JKN Universe LLC - Franchise Fraud Consent Order

The Washington State Department of Financial Institutions Division of Securities issued a Consent Order (S-24-3863-25-CO01) against JKN Universe, LLC for violating the Franchise Investment Protection Act (RCW 19.100.170). The company must pay $8,000 in investigative costs and is subject to a cease and desist order for making material misstatements regarding VVV Global's role in franchise operations.

Commodore Asset Management Registration Revoked with $500 Penalty

The Washington State Department of Financial Institutions Division of Securities issued a Consent Order (S-25-4018-25-CO01) against Commodore Asset Management, LLC and Darnell Lee Commodore on March 17, 2026. The order imposes a $500 penalty, revokes the firm's securities registration, and requires heightened supervision for 2 years upon any new registration. The enforcement action stems from the respondents' failure to file their 2024 balance sheet and 2024 annual updating amendments.

LPL Financial LLC - Consent Order - Excessive Commissions

The Washington State Department of Financial Institutions Division of Securities issued a Consent Order against LPL Financial LLC for charging unreasonable commissions on equity transactions. The firm must pay $61,456.75 in restitution to 1,724 Washington State residents and a $25,000 fine. Within 60 days, LPL must certify in writing that its policies and procedures regarding fair and reasonable commissions have been enhanced.

Winston Felix - Unsuitable Tax-Loss Trading Enforcement

The Washington State Department of Financial Institutions Division of Securities issued a Final Order against investment professional Winston Felix for recommending unsuitable tax-loss harvesting trades to a Washington customer in late 2022, resulting in over $120,000 in capital losses. The Division imposed penalties including a $10,000 fine, 90-day suspension, cease and desist order, and $3,281.25 in investigative costs. The order found Felix failed to gather information about the customer's capital gains position or existing loss carryforwards before executing the strategy.

Commodore Asset Management, LLC and Darnell Lee Commodore - Consent Order

The Washington State Securities Division has entered into a Consent Order with Commodore Asset Management, LLC and Darnell Lee Commodore, settling allegations of violations of the Securities Act of Washington. The order follows the suspension of their registrations due to failure to file required annual financial statements and Form ADV amendments.

LPL Financial Charged Unreasonable Commissions on Equity Transactions

The Washington State Securities Division has charged LPL Financial LLC for charging unreasonable commissions on equity transactions. LPL allegedly charged over 5% of the principal amount on approximately 127,045 transactions nationwide between April 30, 2020, and April 30, 2025, totaling over $2.4 million. This includes 1,724 Washington State residents who were charged over $61,000 in excess commissions.

JKN Universe LLC Consent Order - Franchise Investment Protection Act

The Washington State Department of Financial Institutions has issued a Consent Order against JKN Universe, LLC, and its manager VVV Global Ent. LLC, for violations of the Franchise Investment Protection Act. The order addresses the failure to disclose material information and unlawful franchise offerings related to the Miss Universe pageants in Washington.

Final Decision & Order Affirming Initial Order on Summary Judgment

The Washington State Department of Financial Institutions has issued a Final Decision & Order affirming an Initial Order on Summary Judgment against Aqua-Tots Swim School Holding LLC. The order confirms violations of the Franchise Investment Protection Act and requires the company to cease and desist from further violations.

WA DFI v. Winston Felix - Securities Enforcement Final Decision

The Washington State Department of Financial Institutions issued a Final Decision and Order affirming an initial order against Winston Felix. The order includes a cease and desist, a 90-day suspension of registration, a $10,000 fine, and $3,281.25 in investigative costs.