Securities Division
Illegal Pyramid Schemes
Disguised as Multi-level Marketing Businesses (MLMs) (PDF Brochure)
Illegal Pyramid Schemes
Disguised as Multi-level Marketing Businesses (MLMs)
(PDF Brochure)
Enforcement Actions
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 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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News and Updates
Secretary Galvin Blasts S.E.C. Commissioner Over Fiduciary Rule Criticism (PDF)
House Financial Services Financial CHOICE Act of 2017. Secretary Galvin Urges Preservation of State Enforcement Authority (PDF)
Secretary Galvin's Statement on Trump Administration on Fiduciary Rule (PDF)
Secretary Galvin Issues Findings on Firms Hiring Bad Brokers - Warns Broker-Dealers who fail to Self-Police
Report on Survey Regarding the Implications of the Department of Labor's Fiduciary Rule and Best Interest Contract Exemption on Massachusetts-Registered Investment Advisers (PDF)
Massachusetts Securities Division Issues Policy Statement State Registered Investment Advisers' Use of Third Party Robo-Advisers (PDF)
Massachusetts Securities Division Issues Policy Statement Robo-Advisers / Fiduciary Standards (PDF)
New Massachusetts Crowdfunding Regulation and Summary and Highlights
2016 Renewals for Investment Adviser and Investment Adviser Representative Registrations, Notice Filers and Exempt Reporting Advisers
(PDF)
Secretary Galvin Calls For Timely And Understandable Disclosure Of Changes In Employer 401K Plans (PDF)
Secretary Galvin Warns of Illegal Pyramid Schemes Disguised as Multi-Level Marketing Businesses (MLMs)
New CORI Requirements for Investment Adviser Representative Applications
Crowdfunding: Tips to Help Get You Ready for Equity Crowdfunding (PDF)
Switch Investment Advisers Report (PDF)
Massachusetts-Registered Investment Adviser Compliance with Custody and Independent Verification Requirements (November 14, 2013) (PDF)
Secretary Galvin Urges SEC to Insist on Fiduciary Standards for Broker-Dealers – Releases Survey Results of MA IAs’ Overwhelming Disapproval for Change in Fiduciary Standard
Protect Yourself from the “Grandparent Scam”
Secretary Galvin Proposes New Regulations Related to Investment Adviser Representative Registration
Secretary Galvin Raps Schwab for Arbitration Changes; Warns Investors to Monitor Amendments to Their Arbitration Agreements
Report on Massachusetts Investment Advisers’ Use of Mandatory Pre-Dispute Arbitration Clauses
Secretary of the Commonwealth William F. Galvin Commends Mary Schapiro on her years as S.E.C. Chairman; Congratulates Commissioner Elisse Walter as New S.E.C. Chair (PDF)
Policy Statement Regarding Compliance with Bonding Requirements for Advisers with Discretion
Secretary Galvin Calls for Strong Rules on Crowdfunding (PDF)
Secretary Galvin Approves New Regulations (1/19/2012). Private Fund Exemption, Investment Adviser Discretion and Custody Requirements
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Enforcement Section
Registration, Inspections, Compliance, and Examinations Section (RICE)
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Corporate Finance Section
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Investor Information