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Enforcement Actions and Information


Securities Enforcement Actions are updated on a regular basis, some actions will be posted directly on the site; you may also search for enforcement actions and any related public documents by using the Commerce Actions and Regulatory Documents Search (CARDS).

We are in the process of updating the system with actions prior to 2007; currently you can access actions beginning January 2007 to present.

For actions older than those posted, please check the Archive of Securities Actions

Recent Enforcement Actions


Date Type of Order Subject of Order Case Name
05/28/2013 Cease and Desist Order Platinum Resort Services (.pdf) In the Matter of Platinum Resort Services (Press Release)
05/28/2013 Cease and Desist Order ABS Consulting (.pdf) In the Matter of ABS Consulting
05/28/2013 Cease and Desist Order World Event Management (.pdf) In the Matter of World Event Management
05/28/2013 Cease and Desist Order Net Management Group and Matthew Guzman (.pdf) In the Matter of Net Management Group
05/28/2013 Consent Order Twin Cities Property Advisors (.pdf) In the Matter of Twin Cities Property Advisors
05/28/2013 Cease and Desist Order World Transfer Title and Premium Properties Management (.pdf) In the Matter of: World Transfer title and Premium Properties Management
05/28/2013 Cease and Desist Order Integrated Escrow Services and Global Properties Specialists (.pdf) In the Matter of: Integrated Escrow Services and Global Properties Specialists
05/28/2013 Cease and Desist Order Concord International Title and Continental Property Solutions (.pdf) In the Matter of: Concord International Title and Continental Property Solutions
03/14/2013 Summary Cease and Desist Order and Notice Profitable Sunrise, Roman Novak, Radoslav Novak, William C. Nilsson a/k/a Chad Nilsson and Casey Dorion (.pdf) In the Matter of Profitable Sunrise, Roman Novak, Radoslav Novak, William C. Nilsson a/k/a Chad Nilsson and Casey Dorion (Press Release)
02/28/2013 Consent Order  Michael Cockson (.pdf) In the Matter of Ryan Capital Advisors LLC
02/14/2013 Summary Cease and Desist Order and Notice Jeffrey Rodd and Redwood Valley Interests (.pdf) In the Matter of: Jeffrey C Rodd and Redwood Valley Interests, L.L.C. 
02/19/2013 Consent Order Sara Jesperson, Look Good Naked, Inc. and LGN Franchise System, LLC (.pdf) In the Matter of: Look Good Naked, Inc. a Minnesota Company
02/07/2013 Consent Order David Thomas Rougier (.pdf) In the Matter of: David Thomas Rougier and Strive Financial Group, LLC a Minnesota Limited Liability Company; and Wealth Security Firm LLC, a Minnesota Limited Liability Company
01/09/2013 Cease and Desist Richard Rotondo, Mediscovery, Inc., Miedisyn Technologies, Inc.; The Naturopathic Pharmacy, Inc. (.pdf) In the Matter of: Richard Rotondo, Mediscovery, Inc.; Medisyn, Inc.; Midisyn Technologies Inc,; The Naturopathic Pharmacy
10/13/2012 Consent Order Renee Marie Brown (.pdf) In the Matter of: Renee Marie Brown Securities Agent License CRD No. 3221618 and Insurance Producer License #20210575
10/10/2012 Consent Order Revelle Resources (.pdf) In the Matter of: Revelle Resources, Inc. an Illinois Company
10/01/2012 Consent Order Feltl and Company (.pdf) In the Matter of: Feltl & Company CRD: 6905 and Feltl and Compan Inc.,

Insurance Producer #20342212
09/13/2012 Consent Order  ZAGG Retail, Inc. (.pdf) In the Matter of: ZAGG Retail, Inc. a Nevada Corporation 
03/19/2012 Consent Order Morgan Asset Management, Inc. and Morgan Keegan & Company, Inc. (.pdf) In the Matter of: Morgan Asset Management, Inc. and Morgan Keegan & Company, Inc.

Auction Rate Securities Settlements


In 2008, the Minnesota Department of Commerce and other state securities regulators began receiving complaints from investors about their inability to sell their auction-rate securities, securities sold to them as short-term, liquid investments. As a result, the North American Securities Administrators Association formed a multistate Task Force to investigate whether certain firms who sold auction-rate securities had systematically misled investors.

The work of the Task Force and other state securities regulators led to settlements requiring some firms to repurchase from certain investors more than $61 billion in auction-rate securities, the largest return of funds to investors in history.

The settlements entered into by the Minnesota Department of Commerce and firms selling auction-rate securities to Minnesota investors are available at the links below. In addition, Minnesota has collected more than $7,000,000 in civil penalties from these firms. Additional information and future settlements will be posted to this page. You can access the public documents related to these settlements by using CARDS. 

Search by company name. 

They are listed here in alphabetical order:
BANC OF AMERICA SECURITIES LLC Lic#  
Action: Other/Consent  
Signed Date: 7/24/2009  
File # 12180 Inv: DK  Penalty: $644,316  
Allegation:  
GLOBAL SETTLEMENT OF AUCTION RATE SECURITIES INVESTIGATION ALLEGING RESPONDENT FAILED TO SUPERVISE AGENTS AND ENGAGED IN DISHONEST AND UNETHICAL PRACTICES   
  
CITIGROUP GLOBAL MARKETS INC. Lic#  
Action: Other/Consent  
Signed Date: 6/18/2009  
File # 11232 Inv: DK  Penalty: $588,792  
Allegation:  
Global settlement of auction rate securities investigation alleging Respondent failed to supervise agents and engaged in dishonest and unethical practices.   
  
CREDIT SUISSE SECURITIES (USA) LLC  
Against: Broker-Dealer  Location: NEW YORK, NY  
Action: Other/Consent  
Signed Date: 2/26/2010  
File # 13849 Inv: DK  Penalty: $290,901  
Allegation:  
Auction rate securities global settlement resulting from failure to supervise agents and engaged in dishonest and unethical practices.   
  
DEUTSCHE BANK SECURITIES INC   
Against: Broker-Dealer  Location: NEW YORK, NY   
Action: Other/Consent    
Signed Date: 12/1/2009    
File # 13257 Inv: DK  Penalty: $534,460   
Allegation:    
Auction rate securities global settlement resulting from failure to supervise and engaging in dishonest and unethical practices. 

E*TRADE SECURITIES LLC
Action: Other/Consent 
Signed Date: 04/27/2012 
File # 17304 Inv: DK Penalty: $60,465.68
Allegation: 
GLOBAL SETTLEMENT OF AUCTION RATE SECURITIES INVESTIGATION ALLEGING RESPONDENT FAILED TO SUPERVISE AGENTS AND ENGAGED IN DISHONEST AND UNETHICAL PRACTICES 
     
J P MORGAN CHASE & CO  
Against: Broker-Dealer  Location: JERSEY CITY, NJ  
Action: Other/Consent  
Signed Date: 3/4/2010  
File # 13258 Inv: DK  Penalty: $226,222  
Allegation:  
Auction rate securities global settlement resulting from failure to supervise agents and engaged in dishonest and unethical practices.
   
MERRILL LYNCH PIERCE FENNER & SMITH INCORPORATED   
Against: Broker-Dealer  Location: CHARLOTTE, NC   
Action: Other/Consent    
Signed Date: 9/9/2009    
File # 13255 Inv: DK  Penalty: $5,574,972   
Allegation:    
Global settlement of auction rate securities investigation alleging Respondents failed to supervise agents and engaged in dishonest and unethical practices.    
  
MORGAN STANLEY & CO. INCORPORATED  
Against: Broker-Dealer  Location: BALTIMORE, MD  
Action: Other/Consent  
Signed Date: 5/6/2010  
File # 16092 Inv: DK  Penalty: $369,026  
Allegation:  
Auction Rate Securities global settlement resulting from failure to supervise agents and engaged in dishonest and unethical practices.    
    
RBC CAPITAL MARKETS CORPORATION   
Against: Broker-Dealer  Location: NEW YORK, NY  
Action: Other/Consent  
Signed Date: 1/14/2010  
File # 12746 Inv: DK  Penalty: $563,251  
Allegation:  
Auction rate securities global settlement resulting from Respondent's failure to supervise agents and engaged in dishonest and unethical practices.   
  
TD AMERITRADE, INC.  
Against: Broker-Dealer  Location: BELLEVUE, NE  
Action: Other/Consent  
Signed Date: 5/19/2010  
File # 13747 Inv: DK  
Allegation:  
Auction Rate securities global settlement in which respondent made untrue statements or omitted material facts.   
  
WACHOVIA SECURITIES LLC Lic# 20410759  
Against: BD  Location: RICHMOND, VA  
Action: Other/Consent  
Signed Date: 5/11/2009  
File # 11200 Inv: DK  Penalty: $387,791  
Allegation:  
Global settlement of auction rate securities investigation alleging Respondents failed to supervise agents and engaged in dishonest and unethical practices. Order covered both entities.