Securities Enforcement Actions
Enforcement Actions Archives
Contact the Securities Division for actions prior to 2012.
Galvin Charges Croft School CEO with Fraud
June 30, 2026
Galvin Fines Fidelity $1.25 Million Over Data Breach Impacting Massachusetts Residents
April 27, 2026
Consent Order in the Matter of Fidelity Brokerage Services, LLC (PDF)
Galvin Fines Online Investment Adviser $500,000 Over Misleading Social Media Ads
March 30, 2026
Galvin Charges Worcester Pastor in Real Estate Securities Scheme that Defrauded Parishioners
February 11, 2026
Galvin Leads Nationwide Effort to Recover $19 Million for Brokerage Customers
June 9, 2025
Consent Order in the Matter of Edward D. Jones & Co. (PDF)
Consent Order in the Matter of LPL Financial (PDF)
Consent Order in the Matter of RBC Capital Markets (PDF)
Consent Order in the Matter of Stifel, Nicolaus & Company (PDF)
Galvin Orders Man who used Investor Funds for Personal Use to Return Money
April 17, 2025
Consent Order in the Matter of Erez Capital LLC, Erez Master LLC, and Michael Benezra (PDF 26.5MB)
Galvin Cracks Down on Student Loan Refinancer’s Fraudulent Ads
February 3, 2025
Consent Order in the Matter of Yrefy, LLC and Yrefy SLP4, LLC. (PDF)
Galvin Fines Broker Dealer and Orders Restitution Regarding Agent’s Misappropriation of over $1 million in Customer Funds
October 1, 2024
Consent Order in the Matter of United Planners’ Financial Services of America (PDF)
Galvin Fines Morgan Stanley Over Insider's Offloading of First Republic Shares
September 6, 2024
Consent Order in the Matter of Morgan Stanley Smith Barney LLC, Respondent (PDF)
Galvin Fines Business Development Company Regarding Sale of Unregistered Securities
August 26, 2024
Consent Order in the Matter of Blue Owl Technology Income Corp. (PDF)
Galvin Orders Nationwide Crypto Firm to Pay Fine and Cease Offering Unregistered Securities
March 12, 2024
Consent Order in the Matter of TradeStation Crypto, Inc. (PDF)
Robinhood Agrees to Pay $7.5 Million Fine, Make Sweeping Changes to Gamification Practices
January 18, 2024
Consent Order in the Matter of Robinhood Financial, LLC (PDF)
Galvin Fines Purshe Kaplan Sterling $250,000 for Failure to Supervise Dually-Registered Agents
January 4, 2024
Consent Order In the Matter of Purshe Kaplan Sterling Investments, Inc. (PDF)
Galvin Fines Webull $500,000 over Inadequate Compliance Measures
November 9, 2023
Galvin Fines LPL for Improper Use of Electronic Signatures
October 3, 2023
Galvin Fines Fidelity $750,000 Over Rubber-Stamping of Options Applications
October 2, 2023
Galvin Charges Florida Man who Misled Quincy Investor
July 27, 2023
Galvin Leads Nationwide Effort to Recover $8.25 Million for Raymond James Brokerage Customers
July 10, 2023
Galvin Orders Restitution for Western Mass Ice Cream Company Investors
June 7, 2023
Secretary Galvin Levies $2.5 Million Fine Against Broker-Dealer Over Predatory Sales Practices
May 1, 2023
Secretary Galvin Orders Full Restitution and Fines Ex-Broker Who Stole from Client
March 22, 2023
Secretary Galvin Reaches Settlement with Unregistered Digital Asset Firm Nexo Capital
February 6, 2023
Secretary Galvin Bars Broker for Misleading Variable Annuity Sales
December 26, 2022
Secretary Galvin Charges Couple in Ponzi Scheme Targeting Massachusetts Haitian Community
December 19, 2022
Secretary Galvin Takes Action to Recoup Investor Losses in Auto Financing Scheme
November 21, 2022
Secretary Galvin Orders Full Restitution and Fines Unregistered Adviser for Role in Pension Scheme
November 7, 2022
Secretary Galvin Fines SEC-Registered Adviser Over Failure to Supervise Risky ETF Investments
October 11, 2022
Secretary Galvin Levies $250,000 Fine Against Mass Mutual Subsidiary and Charges Former Agent with Fraud
August 16, 2022
Secretary Galvin Orders Restitution in Unregistered Energy Offering
August 8, 2022
Secretary Galvin Cracks Down on Scam Targeting Veterans & Service Members
August 4, 2022
Secretary Galvin Charges Massachusetts Owner In Connection With CBD Fraud
July 19, 2022
Secretary Galvin Secures $6.25 Million Settlement From Vanguard
July 6, 2022
Secretary Galvin Fines North Shore Attorney and Orders Restitution in Connection with Misleading Representation to Senior
May 24, 2022
Secretary Galvin Charges Unregistered Adviser for Using Fake Entity to Deceive Clients
May 3, 2022
Secretary Galvin Permanently Bans Real Estate Company from Selling Securities After Misleading Stock Offer
April 19, 2022
Secretary Galvin Fines Bitcoin Mining Company $1 Million, Warns Investors to be Wary of Bad Actors
March 22, 2022
Secretary Galvin Settles Fraud and Other Claims Against Venture Capital Firm
March 4, 2022
Secretary Galvin Charges PKS Investments Over Failure to Review Unsuitable Investments in Leveraged ETFs
February 17, 2022
Secretary Galvin Charges Fidelity with Unethical and Dishonest Conduct in Options and Margin Approval Due Diligence
January 26, 2022
Secretary Galvin Charges Six in Connection with Fraudulent Cannabis Capital Raise
October 5, 2021
Secretary Galvin Orders Overhaul of MassMutual Social Media Policies and Registration of Agents
September 16, 2021
Secretary Galvin Charges Charles Schwab and Unregistered Investment Adviser over Dishonest & Unethical Fee Practices
July 21, 2021
Secretary Galvin Charges Company with Sales of Fraudulent Securities to Seniors
December 22, 2020
Secretary Galvin Charges Robinhood over Gamification and Options Trading
December 16, 2020
Secretary Galvin Charges Local Man in $140,000 Investment Scam
December 1, 2020
Secretary Galvin charges North Shore Broker-Dealer Agent and her husband with fraud
September 18, 2020
Secretary Galvin Charges Ex-Broker with Unsuitable Sales of Illiquid Securities to Massachusetts Investors
July 16, 2020
Secretary Galvin Charges Forex Trader for False and Misleading Digital Ads
July 14, 2020
Secretary Galvin Charges Penny Stock Trader for False and Misleading Digital Ads
July 14, 2020
Secretary Galvin Brings Charges against GPB for Defrauding Massachusetts Investors
May 27, 2020
Secretary Galvin Charges RBC with Failing to Supervise Unsuitable Trades
May 19, 2020
Secretary Galvin Charges Sterling Man Over Millions in Unregistered Investment Sales
February 6, 2020
Secretary Galvin Fines NEXT Financial Group $150,000 over Unsuitable Sales
December 26, 2019
Secretary Galvin Charges Insurance Salesman Who Convinced Seniors to Liquidate Retirement Savings
December 18, 2019
Secretary Galvin Charges Company that Convinced Seniors to Liquidate Retirement Funds and Purchase Precious Metals
December 3, 2019
October 30, 2019
Secretary Galvin Fines Morgan Stanley and Orders It to Pay Back Investors
Secretary Galvin Fines Wellesley Investment Adviser over Conflicts of Interest
September 24, 2019
Secretary Galvin Charges North Andover Man In Connection with Over $5 million in Unregistered Securities to 33 Investors
September 17, 2019
Secretary Galvin Charges Former Agent who Sold Fraudulent Securities and Pocketed Proceeds
September 11, 2019
Secretary Galvin Fines Wells Fargo $450,000 Over Unregistered Agents and Supervisors
August 26, 2019
Secretary Galvin Charges Florida Woman in Nationwide Cryptocurrency Scam
July 11, 2019
Secretary Galvin Fines LPL Financial $1.1 Million Over Unregistered Agents and Late Filings
June 26, 2019
Secretary Galvin Charges Holyoke Man in Connection with Marijuana Sweep
June 19, 2019
Secretary Galvin Charges Boston Company with Scamming Employees in Nearly $10 Million Recruitment Scheme
June 14, 2019
Secretary Galvin Charges Illinois Man in Multi-State Real Estate Investment Scheme
June 10, 2019
Secretary Galvin Charges Broker-Dealer Over Inappropriate Mutual Fund Sales That Drove Up Commissions
May 7, 2019
Secretary Galvin Charges Investment Adviser over Failed Medical Marijuana Scheme
April 17, 2019
Secretary Galvin Charges Local Advisers who Gambled Client Money Away on Risky Investments
March 20, 2019
Secretary Galvin Charges Investment Adviser with Misappropriating Funds from Massachusetts Retiree
February 21, 2019
Secretary Galvin Fines North Shore Investment Adviser over Real Estate Scheme
February 19, 2019
Secretary Galvin Charges Royal Alliance in Connection with Unsuitable Investment Advice
January 22, 2019
Secretary Galvin Fines Summit Equities over Handling of Customer Personal Information
December 27, 2018
Secretary Galvin Charges Cape Adviser With Running a Scheme Which Overcharged Clients
December 19, 2018
Secretary Galvin Fines Metlife $1 Million, Orders Payments to be Made to Retirees
December 18, 2018
Secretary Galvin Fines AirFox $100,000 for Unregistered Initial Coin Offering
November 16, 2018
Secretary Galvin Orders SII to Offer Restitution in Connection with Non-Traded REITs
September 7, 2018
Secretary Galvin Orders Broker-Dealer to Provide Restitution to Massachusetts Investor
August 24, 2018
Secretary Galvin Charges Broker-Dealer with Making Short-Term Trades to Increase Commissions
August 14, 2018
Secretary Galvin Brings Charges in Local Real Estate Scheme
August 1, 2018
Secretary Galvin Charges Easton Investment Adviser with Misleading Customers Regarding Disciplinary History
July 24, 2018
Secretary Galvin Sanctions Broker Dealer Infinex Investments for Selling to Seniors on Bank Premises
July 19, 2018
Secretary Galvin Charges Lincoln Man with Defrauding Massachusetts Investors
July 12, 2018
Secretary Galvin Charges MetLife with Fraud in Connection with Failure to Make Pension Payments
June 25, 2018
Secretary Galvin Participates in Coordinated International Cryptocurrency Crackdown
May 21, 2018
Secretary Galvin Issues Orders in Connection with ICO Cryptocurrency Sweep
March 27, 2018
Across Platforms Consent Order (PDF)
Mattervest Consent Order (PDF)
Secretary Galvin Charges Peabody Private Equity Investment Fund with Ponzi Scheme
March 15, 2018
Secretary Galvin Charges Scottrade, Inc. in Connection with the Fiduciary Rule
February 15, 2018
Secretary Galvin Charges North Shore Investment Adviser With Real Estate Scheme
February 14, 2018
Secretary Galvin Charges Brookline Man in Initial Coin Offering Cryptocurrency Scheme
January 17, 2018
Secretary Galvin Charges Milton Man in House-Flipping Scam
December 12, 2017
Secretary Galvin Charges Waltham Man with Fraud in Investment Advisory Activity
October 19, 2017
Secretary Galvin Charges SII with Unethical Sales of Non-Traded REITs
September 20, 2017
Secretary Galvin Charges Allston Man with Fraud in Private Equity Fund
June 8, 2017
Secretary Galvin Fines LPL $1 Million for Failed Supervision of Agents at Digital Federal Credit Union
May 4, 2017
Secretary Galvin Settles Sales Contest Charges with Morgan Stanley
April 10, 2017
Broker-Dealer Operating Out of Massachusetts Community Banks Fined $100,000, Ordered to Offer Restitution to Exploited Senior Citizens
March 23, 2017
Secretary Galvin Settlement with LPL Financial LLC Provides $3.7 Million in Investor Relief, Fines and Disgorgement of Profits
January 30, 2017
Secretary Galvin Files Against Cambridge Hedge Fund Partnered with Toronto-Based Donville Kent Asset Management
January 18, 2017
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 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 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
Secretary Galvin Charges Merrimack Valley Company and Principals in a Multi-Level Marketing Pyramid Scheme
October 22, 2014
Secretary Galvin Charges Newton Couple with Fraud in Real Estate Investments
October 8, 2014
Secretary Galvin Charges North Easton Man With Fraud In Elderly Relatives’ Account—Warns Investors Against Giving Access To Brokerage Accounts
October 1, 2014
Secretary Galvin Enters Settlement with Fidelity Co-operative Bank to Set up a $3.5 Million Fund for Massachusetts TelexFREE Victims
September 22, 2014
Secretary Galvin Charges Boston Company And Two Principals With Fraudulent Sale Of Real Estate Investments To Seniors
June 18, 2014
Secretary Galvin Charges Second Multi-Level Marketing Operation With Fraud In A Pyramid Scheme
May 15, 2014
Secretary Galvin Charges Marlboro Firm with Fraud in Multi-Level Marketing Scheme Targeting Brazilian-Americans
April 15, 2014
Secretary Galvin Charges Somerset Man in Securities Scam
February 7, 2014
Secretary Galvin Moves to Bar East Longmeadow Investment Adviser for Fraudulent and Unethical Business Practices
January 23, 2014
Secretary Galvin Moves Against Rogue Broker-Dealer
January 15, 2014
Secretary Galvin Orders Halt to Multi-level Marketing Operation that Targeted Massachusetts Brazilian Community
November 14, 2013
Secretary Galvin Fines Citigroup Unit $30 Million for Research Analyst Misconduct
October 2, 2013
Secretary Galvin Charges Peabody Man With Defrauding Senior Citizens
September 16, 2013
Secretary Galvin Settles With Five Independent Broker Dealers for Improper Sales of REITs - Returning Over $11 Million to Massachusetts Investors
May 22, 2013
Ameriprise Financial Services Order (PDF)
Commonwealth Financial Services Order (PDF)
Lincoln Financial Advisors Order (PDF)
