Post by Logan on Feb 25, 2016 5:17:58 GMT -6
Former head of Providence investment firm ordered to pay $1.3M restitution for violating N.H. regulations
PROVIDENCE, R.I. – David F. Brochu, the former head of StrategicPoint Investment Advisors in Providence, has been fined $100,000 and ordered to pay $1.3 million in restitution for violating New Hampshire state securities regulations.
Brochu, now listed as living in Wells, Maine, signed a consent order earlier this month that charges him with committing fraud against 22 investors in several of his companies, including Kleossum, the now-closed firm that was based in Conway, N.H.
Ten unnamed residents of Rhode Island are among the investors, according to the New Hampshire Bureau of Securities Regulation, a division of the New Hampshire Secretary of State.
Among the charges against Brochu are misappropriation of investor funds; borrowing funds unlawfully from clients; unsuitable investment recommendations; “withdrawing large amounts of investor funds in cash with little to no accounting for the intended purpose"; and failure to disclose in writing “several” material conflicts of interest.
Read more: www.providencejournal.com/news/20160224/former-head-of-providence-investment-firm-ordered-to-pay-13m-restitution-for-violating-nh-regulations
Cross-posted on the New Hampshire subboard.
PROVIDENCE, R.I. – David F. Brochu, the former head of StrategicPoint Investment Advisors in Providence, has been fined $100,000 and ordered to pay $1.3 million in restitution for violating New Hampshire state securities regulations.
Brochu, now listed as living in Wells, Maine, signed a consent order earlier this month that charges him with committing fraud against 22 investors in several of his companies, including Kleossum, the now-closed firm that was based in Conway, N.H.
Ten unnamed residents of Rhode Island are among the investors, according to the New Hampshire Bureau of Securities Regulation, a division of the New Hampshire Secretary of State.
Among the charges against Brochu are misappropriation of investor funds; borrowing funds unlawfully from clients; unsuitable investment recommendations; “withdrawing large amounts of investor funds in cash with little to no accounting for the intended purpose"; and failure to disclose in writing “several” material conflicts of interest.
Read more: www.providencejournal.com/news/20160224/former-head-of-providence-investment-firm-ordered-to-pay-13m-restitution-for-violating-nh-regulations
Cross-posted on the New Hampshire subboard.