Banking & Finance

Colorado Division of Securities Enforcement Actions

The Colorado Division of Securities has published a list of its recent enforcement actions. These actions are taken against individuals and entities violating securities laws and regulations within the state. The list provides access to specific case details and outcomes.

Stifel Nicolaus & Company - Texas Securities Board Consent Order

The Texas State Securities Board (TSSB) has issued a consent order against Stifel, Nicolaus & Company, Inc. for charging unreasonable commissions on approximately 45,352 equity transactions nationwide over five years, totaling over $885,480. Stifel agreed to the order, settling a coordinated investigation with multiple states.

RBC Capital Markets Fined and Reprimanded by Texas Securities Board

The Texas State Securities Board (TSSB) issued a disciplinary order against RBC Capital Markets, LLC, fining and reprimanding the firm for charging unreasonable commissions on equity transactions. The order resolves investigations by a multi-state group of regulators.

Logan Cox Reprimanded for Investment Adviser Registration

The Texas State Securities Board has issued a disciplinary order against Logan Cox, an investment adviser representative and agent. Cox consented to the order, which reprimands him for failing to give appropriate weight to certain costs associated with an alternative investment recommendation, violating Regulation Best Interest.

Texas Emergency Cease and Desist Order Against TEXITcoin

The Texas State Securities Board has issued an Emergency Cease and Desist Order against TEXITcoin, MineTXC, Blockchain Mint, and Robert J. Gray. The order alleges violations of Texas securities laws related to the unregistered offering and sale of cryptocurrency.

Cease and Desist Order Against J. Davenport Advisors

The Connecticut Department of Banking has issued a Cease and Desist Order and Notice of Intent to Fine against J. Davenport Advisors, LLC and its principal, John F. Davenport. The order stems from alleged violations of the Connecticut Uniform Securities Act and its regulations discovered during examinations and investigations.

Block, Inc. Consent Order with NY DFS

The New York State Department of Financial Services (DFS) has entered into a consent order with Block, Inc. (formerly Square, Inc.) resolving an enforcement investigation into deficiencies in its Bank Secrecy Act/Anti-Money Laundering (BSA/AML) program and violations of consumer protection regulations. Block will pay a penalty to resolve these matters.

NY DFS Consent Order to Roach & Murtha

The New York State Department of Financial Services (DFS) issued a consent order to Roach & Murtha, Attorneys at Law, P.C. The order addresses violations of the Fair Debt Collection Practices Act (FDCPA) related to debt collection practices between January 1, 2018, and December 31, 2022. The firm failed to conduct meaningful attorney review, used deceptive representations, and employed unfair means to collect consumer debts.

Wise US Inc. Consent Order with Multiple States

Wise US Inc. has entered into a Consent Order with six states (California, Minnesota, Nebraska, New York, Texas, and Massachusetts) following a multi-state examination. The examination identified deficiencies in Wise's Bank Secrecy Act/Anti-Money Laundering/Countering the Financing of Terrorism (BSA/AML/CFT) program, including issues with independent reviews, suspicious activity reporting, and transaction monitoring.

NY DFS Consent Order to Paxos Trust Company

The New York State Department of Financial Services (DFS) issued a consent order to Paxos Trust Company, LLC. The order resolves findings that Paxos failed to conduct proper due diligence on Binance and maintain effective anti-money laundering programs, as required by a 2020 letter agreement.