Galvin plans sweep over pot-related investment fundraising

Galvin plans sweep over pot-related investment fundraising
Massachusetts securities cop sees uptick in marijuana-related fraud cases.
JUN 19, 2019

The Massachusetts Securities Division said it will begin a sweep of the growing number of business entities based in the state that are raising money from marijuana-related investments. (More: Advisers struggle with the highs and lows of marijuana investing) William F. Galvin, the state's securities commissioner, said that his office is seeing an uptick in marijuana-related fraud cases and has issued guidance to investors who may be considering putting their money into the growing cannabis industry. The guidance comes after his office brought its second complaint involving marijuana in the last two months. (More: Massachusetts charges adviser with concealing information in marijuana deals) Massachusetts also has brought charges against David A. Caputo and his former company, Positronic Farms Inc. for raising capital through the offer and sale of unregistered securities to at least 25 Massachusetts investors, as well as investors in eight other states. Mr. Galvin recently charged another Massachusetts man in connection with an unlicensed medical marijuana scheme that resulted in the loss of millions of dollars of investor money. ​

Latest News

Judge OKs more than $90 million in settlement money for GWG investors
Judge OKs more than $90 million in settlement money for GWG investors

Mayer Brown, GWG's law firm, agreed to pay $30 million to resolve conflict of interest claims.

Fintech bytes: Orion and eMoney add new planning, investment tools for RIAs
Fintech bytes: Orion and eMoney add new planning, investment tools for RIAs

Orion adds new model portfolios and SMAs under expanded JPMorgan tie-up, while eMoney boosts its planning software capabilities.

Retirement uncertainty cuts across generations: Transamerica
Retirement uncertainty cuts across generations: Transamerica

National survey of workers exposes widespread retirement planning challenges for Gen Z, Millennials, Gen X, and Boomers.

Does a merger or acquisition make sense for your firm? Why now is the perfect time to secure your firm’s future
Does a merger or acquisition make sense for your firm? Why now is the perfect time to secure your firm’s future

While the choice for advisors to "die at their desks" might been wise once upon a time, higher acquisition multiples and innovations in deal structures have created more immediate M&A opportunities.

Raymond James continues recruitment run with UBS, Morgan Stanley teams
Raymond James continues recruitment run with UBS, Morgan Stanley teams

A father-son pair has joined the firm's independent arm in Utah, while a quartet of planning advisors strengthen its employee channel in Louisiana.

SPONSORED RILAs bring stability, growth during volatile markets

Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today's choppy market waters, says Myles Lambert, Brighthouse Financial.

SPONSORED Beyond the dashboard: Making wealth tech human

How intelliflo aims to solve advisors' top tech headaches—without sacrificing the personal touch clients crave