Galvin: 10 broker-dealers to be scrutinized

Massachusetts looking into private placement sales

Jul 2, 2018 @ 2:34 pm

By InvestmentNews

Ten broker-dealers based in Massachusetts will be scrutinized by the state in connection with their practices around private-placement sales, according to a release from William F. Galvin, the state's chief securities regulator.

The firms involved in the sweep sell private placements and 15% or more of their brokers have been involved in disciplinary incidents. Mr. Galvin, who is secretary of the commonwealth, said that at one of the firms, one-third of the current registered representatives have been red-flagged.

Inquiry letters have been sent to Arthur W. Wood Co. Inc., Santander Securities, LPL Financial, U.S. Boston Capital Corp., Bolton Global Capital, Advisory Group Equity Services, Moors & Cabot, Detwiler Fenton & Co., BTS Securities and Winslow Evans & Crocker.

(More: State regulators launch 'Operation Cryptosweep' to crack down on fraud)


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