Securities Division

Illegal Pyramid Schemes

Disguised as Multi-level Marketing Businesses (MLMs)
(PDF Brochure)

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Enforcement Actions

Secretary Galvin Charges Roger Zullo and LPL Financial LLC in Fraudulent Annuity Sales to Seniors
December 1, 2016

Secretary Galvin Charges Walpole Man with Fraudulent Advising
November 22, 2016

Secretary Galvin - Senior Bank Customers Exploited at Local Community Banks by Aggressive Sales Contests and Improper Sales
November 15, 2016

Secretary Galvin Charges Hingham Man in Ponzi Scheme
November 1, 2016

Secretary Galvin Targets Two Broker-Dealer Firms with History of Hiring Bad Brokers
October 20, 2016

Secretary Galvin Charges Morgan Stanley with Running Unethical Sales Contests to Cross Sell Banking Business to Brokerage Customers
October 3, 2016

Secretary Galvin Charges State Street Entity in Long-Term Overcharging
April 20, 2016

Secretary Galvin Charges Citizens Securities in Improper Sales to Elder Citizens Bank Customer
January 7, 2016

Secretary Galvin Charges Realty Capital Securites LLC with Proxy Voting Fraud and Seeks Revocation
November 12, 2015

Secretary Galvin Charges Fidelity Brokerage Services with Dishonest and Unethical Conduct Allowing Unregistered Investment Advisers to Conduct Business
October 26, 2015

Secretary Galvin Fines LPL Financial $250,000 for Failure to Supervise the State's Senior Designation Rule
July 15, 2015

Secretary Galvin Charges Securities America in Failure to Supervise Ads Aimed at Seniors
July 8, 2015

Secretary Galvin Charges Waltham Man with Securities Fraud
June 30, 2015

Secretary Galvin in Conjunction with the State of Alabama Charges Alabama Group in Ponzi Scheme Fraud on Massachusetts Investor
June 10, 2015

Secretary Galvin Charges Uxbridge Man with Ponzi Scheme in Affinity Sale of Unregistered Securities
June 2, 2015

Secretary Galvin Charges Plymouth Man and Firm for Acting as Unregistered Investment Advisers, Orders California Funds to Offer Refunds and Pay a Civil Penalty for Selling Unregistered Mortgage Loans
May 4, 2015

Secretary Galvin Settles Failure to Supervise Charge with Merrill Lynch for $2.5 Million
March 23, 2015

Enforcement Actions Archives (2012-2014)

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