Pennsylvania Securities Orders

Marsden Capital Management $12,500 PA Securities Consent Order

The Pennsylvania Department of Banking and Securities Bureau of Securities Compliance and Examinations found that Marsden Capital Management LLC failed to disclose outside business activity (pension consulting services) on Form U-4, violating the Pennsylvania Securities Act of 1972 and Regulation 303.014(c). The firm agreed to a Consent Agreement and Order requiring payment of a $12,500 administrative assessment within 60 days.

Keitz Investment Management Ltd. Consent Order - $12,000 Administrative Assessment

The Pennsylvania Department of Banking and Securities Bureau of Securities Compliance and Examinations issued a Consent Agreement and Order against Keitz Investment Management Ltd., a registered investment adviser, for violating the Pennsylvania Securities Act of 1972. The Bureau found that KIM failed to take steps necessary to ensure material information contained in its Form ADV and exhibits remained current and accurate from approximately January 2020 until January 2024. KIM agreed to pay an administrative assessment of $12,000.00 in installment payments through February 2029.

RBC Capital Markets LLC - Pennsylvania Securities Act Consent Order

The Pennsylvania Department of Banking and Securities issued a consent order against RBC Capital Markets LLC for violations of the Pennsylvania Securities Act. The order was filed on February 5, 2026, under Docket No. 260005(SEC-ORD), dated February 3, 2026. The specific violations, findings, and any ordered sanctions are not disclosed in the available redacted document.

Pinnacle Financial Planning LLC and Joshua Edward Makowiec - $4,000 Fine and Registration Suspension

The Pennsylvania Banking and Securities Commission issued a Final Order against Pinnacle Financial Planning LLC (CRD #311172) and Joshua Edward Makowiec for two willful violations of the Pennsylvania Securities Act of 1972. The respondents failed to submit a balance sheet within 120 days of the end of fiscal year 2018 and refused to furnish information reasonably requested by the Department. The Commission imposed an administrative assessment of $2,000 each, totaling $4,000, and suspended the investment adviser registration effective 30 days after the order mailing date.